HDFC Bank on Wednesday, May 17, said the Reserve Bank of India (RBI) has approved SBI Funds Management Ltd's (SBIFML) application for acquiring up to 9.99 percent stake in the private lender. The approval has been granted with reference to the application made by SBIFML to RBI, HDFC Bank said in an exchange filing.
"...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 percent of the paid-up share capital or voting rights of HDFC Bank Ltd," the bank said.
The lender said SBIFML has been advised by RBI to acquire the major shareholding in the bank within a period of six months (by November 15, 2023).
Further, SBIFML has to ensure that the aggregate holding in the bank remains below 10 percent of the paid-up share capital or voting rights of the HDFC Bank at all times.
Shares of HDFC Bank Ltd ended at Rs 1,638.65, down by Rs 8.10, or 0.49 percent on the BSE.
