informed the exchanges on Monday that Life Insurance Corporation of India have received reserve Bank of IndiaApproval to increase its stake in the company to 9.99%.

Note, this year till 30th September, LIC Kotak Mahindra Bank had a 4.96% stake. NS reserve Bank of India The node is valid for one year, the company said in its exchange filing. “We would like to inform you that Kotak Mahindra Bank Limited (“Bank”) has received a communication from Life Insurance Corporation of India (“LIC”) stating that the Reserve Bank of India has given its approval to UC to increase its stake. up to 9.99% of the paid-up equity share capital of the Bank,” the company said.

Kotak Mahindra Bank was up 2.96% on the NSE till 2 pm. Sensex was up 0.8% while Nifty was up 0.7%.