LIC gets RBI's approval to acquire 9.99% stake in HDFC Bank

Life Insurance Corporation of India has received RBI's approval to acquire up to a 9.99% stake in HDFC Bank. "LIC has been advised...to acquire the...shareholding in the bank within...one year," HDFC Bank said in a filing. "LIC must ensure that the aggregate holding...doesn't exceed 9.99% of the paid-up share capital or voting rights of the bank," it stated.