Shares of HDFC Bank closed at Rs 1,638.65, down 0.49 per cent, on the BSE.
HDFC Bank said in an exchange filing that the approval has been granted in respect of the application made by SBIFML to RBI.
The Reserve Bank has given its approval to SBI Funds Management (SBIFML) to acquire up to 9.99 per cent stake in HDFC Bank, the private sector lender said on Wednesday.
HDFC Bank said in an exchange filing that the approval has been granted in respect of the application made by SBIFML to RBI.
“…we would like to inform you that the RBI vide its letter dated May 16, 2023 addressed to SBIFML, has given its approval for SBIFML to acquire up to 9.99 per cent of the paid-up share capital or voting rights of HDFC Bank Ltd. Has given ,” the bank said.
It further said that SBIFML has been advised by the RBI to acquire majority shareholding in the bank within a period of six months (by November 15, 2023).
SBIFML will have to ensure that its total holding in the bank remains less than 10 per cent of the paid-up share capital or voting rights of HDFC Bank at all times.
Shares of HDFC Bank closed at Rs 1,638.65, down 0.49 per cent, on the BSE.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – PTI,
