Life Insurance Corporation of India Ltd. (LIC) can now own up to 9.99% stake in HDFC Bank, the private sector bank informed the stock exchanges on Thursday evening.
The Reserve Bank of India (RBI) gave its approval to LIC to acquire up to 9.99% stake in India’s largest private sector bank. Additionally, the RBI has also asked LIC to increase its stake in HDFC Bank to the approved levels within a period of one year i.e. by January 24, 2025.
LIC Stake in HDFC Bank
As of December 31, LIC owns 5.19% stake in HDFC Bank, which as per Thursday’s closing price, is valued at around ₹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.
| Quarter | Stake |
| December 2022 | 4.12% |
| March 2023 | 4.16% |
| June 2023 | 4.06% |
| July 2023 | 4.89% |
| September 2023 | 5.01% |
| December 2023 | 5.19% |
On January 25, the Reserve Bank of India (RBI) granted approval for Life Insurance Corp. of India (LIC) to acquire up to 9.99 percent of HDFC Bank, as reported by the country’s largest private bank in an exchange filing.
Important Points about HDFC Bank
As of December 31, 2023, the Bank’s distribution network was at 8,086 branches and 20,688 ATMs / Cash Recycler Machine (Cash deposit & withdrawal) across 3,836 cities / towns. HDFC Ltd.’s distribution network comprising 737 outlets, which include 214 offices of HDFC Sales Private Limited stands amalgamated into the Bank’s network. The Bank’s international presence includes branches in 4 countries and 3 representative offices in Dubai, London and Singapore offering Home Loan products to Non-Resident Indians and Persons of Indian Origin.
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