LIC gains on getting RBI’s approval to acquire up to 9.99% stake in HDFC Bank

29 Jan 2024 Evaluate

Life Insurance Corporation of India is currently trading at Rs. 913.05, up by 9.75 points or 1.08% from its previous closing of Rs. 903.30 on the BSE.

The scrip opened at Rs. 909.15 and has touched a high and low of Rs. 923.95 and Rs. 903.30 respectively. So far 86342 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 950.10 on 23-Jan-2024 and a 52 week low of Rs. 530.20 on 29-Mar-2023.

Last one week high and low of the scrip stood at Rs. 950.10 and Rs. 864.50 respectively. The current market cap of the company is Rs. 582437.41 crore.

The promoters holding in the company stood at 96.51%, while Institutions and Non-Institutions held 1.06% and 2.44% respectively.

Life Insurance Corporation of India (LIC) has received an approval from the Reserve Bank of India (RBI) to acquire aggregate holding of up to 9.99% of the share capital or voting rights in HDFC Bank. The approval is granted pursuant to application made by LIC to RBI on November 30, 2023.

The approval requires the applicant to acquire major shareholding within a period of one year from the date of RBI’s letter, i.e., by January 24, 2025 and ensure that the LIC’s aggregate holding in HDFC Bank does not exceed 9.99% of the paid-up share capital or voting rights of the bank, at all times.

Life Insurance Corporation of India, popularly known as LIC is Indian state-owned insurance group and Investment Company.

Life Insurance Corp Share Price

808.95 -30.15 (-3.59%)
13-Jan-2025 16:59 View Price Chart
Peers
Company Name CMP
ICICI Prudential 636.20
Go Digit General Ins 278.75
Star Health and Allied 464.40
Life Insurance Corp 808.95
HDFC Life Insurance 599.50
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