85 breached
The Indian rupee has breached the significant psychological barrier of 85 against the US dollar, marking an all-time low amid a confluence of domestic and global pressures.
Life Insurance Corporation of India Ltd (LIC) can now own up to 9.99% stake in HDFC Bank as the Reserve Bank of India (RBI) has approved the insurer’s application.
“The approval has been granted with reference to the application made by LIC to RBI,” HDFC informed the exchanges.
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At present, LIC has a 5.19% stake in HDFC Bank.
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The private sector lender further said LIC has been advised by RBI to acquire the aforesaid major shareholding in the bank within a period of one year, i.e., by January 24, 2025.
“Further, LIC must ensure that the aggregate holding in the bank does not exceed 9.99% of the paid-up share capital or voting rights of the bank at all times,” it said.
Notably, as of December 31, LIC owns 5.19% stake in HDFC Bank, which as per Thursday’s closing price, is valued at nearly ₹50,000 crore, or ₹48,922 crore to be precise.
LIC has also increased its stake in HDFC Bank over the last few quarters. As of December 2022, the insurance giant had a 4.1% stake in HDFC Bank.
HDFC Bank’s shares have been under pressure recently after its December quarter results.
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