The Reserve Bank has given SBI Funds Management (SBIFML) permission to acquire up to 9.99 percent of HDFC Bank, the private sector lender stated the other day.
In an exchange filing, HDFC Bank stated that the approval was given in response to SBIFML’s application to the RBI.
“…We would like to inform you that the RBI vide its letter dated May 16, 2023 addressed to SBIFML, has accorded its approval to SBIFML for acquiring up to 9.99 per cent of the paid-up share capital or voting rights of HDFC Bank Limited,” the bank said.
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The RBI also advised SBIFML to acquire the majority stake in the bank within six months (by November 15, 2023), according to the announcement.
SBIFML must maintain an aggregate ownership in the bank of less than 10% of HDFC Bank’s paid-up share capital or voting rights at all times.
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