Reserve Bank of India (RBI) approves LIC's stake increase in HDFC Bank to 9.99%

Key facts

• The Reserve Bank of India (RBI) has approved Life Insurance Corporation of India's (LIC) application to acquire up to 9.99% of HDFC Bank's paid-up share capital or voting rights.
• LIC currently holds 4.11% of HDFC Bank's total share capital.
• The approval permits LIC to raise its stake subject to RBI conditions and applicable regulatory requirements, including SEBI norms.
• The RBI approval does not obligate LIC to immediately increase its stake to 9.99%.