LIC raises stake in Kotak Mahindra Bank to 3.18%

Recently Kotak Mahindra bank released it latest share holding via BSE and NSE. The update shows that the Life Insurance Company of India i.e. LIC has increased its stake in the bank by 0.73 percent which makes it total holding to 3.18%.

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After the first quarter, LIC owned 2.45% stocks of the Kotak Mahindra Bank and now LIC has increased its shareholding to 3.18% in the second quarter.

Along with LIC, SBI mutual funds, Axis Mutual Fund, Canada Pension Plan Investment Board, Europacific Growth Fund, and Oppenheimer Developing markets fund hold a very good chunk of shares such as 2.81%, 1.51%, 6.38%, 4.98%, and 3.34% respectively.

Kotak Mahindra Bank promotor, Mr. Uday Kotak, and his family also own about 26% of the company. The promotors holding has decreased by 3.85% in the last quarter.

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Recently, LIC IPO was postponed till FY 2022, A senior government official said that A company of LIC’s size is not just a divestment, it is a policy decision on its own. Once they comply with all the regulations of listing, it is only a matter of time. But to comply with all regulations is a long, strenuous process for a company the size and complexity of LIC.

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