HDFC Asset Management Company Limited received approval from the Reserve Bank of India to acquire additional stake in Karur Vysya Bank and DCB Bank, the banks announced through an exchange filing.
HDFC AMC will acquire 9.5 per cent stake in DCB Bank and Karur Vysya Bank.
However, HDFC AMC must ensure that the aggregate holding in Karur Vysya Bank does not exceed 9.5 per cent of the paid-up share capital. Further the company would require prior approval from RBI to reduce the shareholding below 5 per cent.
RBI approved HDFC AMC to acquire the shares of DCB Bank
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The RBI has also advised HDFC AMC to acquire the shares of DCB Bank within a period of one year and if the company fails to do so then the approval by the RBI will stand as cancelled. Further it also has to ensure that the holding doesn't exceed the 9.5 per cent of the paid-up share capital.
RBI approved HDFC AMC to acquire the shares of Federal Bank
Federal Bank on Thursday announced through an exchange filing that the Reserve Bank of India (RBI) vide its letter dated September 20, 2023, has accorded its approval to HDFC Asset Management Company Ltd. (HDFC AMC) for acquiring aggregate holding of up to 9.50 percent of the paid-up share capital or voting rights of The Federal Bank Ltd (Bank). The approval has been granted with reference to the application made by HDFC AMC to RBI.
The approval granted by RBI is subject to the compliance with the relevant provisions of the Banking Regulation Act, 1949, RBI’s Master Direction and Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies dated January 16, 2023 (as amended from time to time), provisions of the Foreign Exchange Management Act, 1999, regulations issued by Securities and Exchange Board of India, and any other guidelines, regulations and statutes as applicable.
As per the RBI intimation, HDFC AMC must ensure that the aggregate holding in the Bank does not exceed 9.50 percent of the paid-up share capital or voting rights of the Bank at all times. Further if the aggregate holding falls below 5 percent, prior approval of RBI will be required to increase it to 5 percent or more of the paid-up share capital or voting rights of the Bank.
RBI approved HDFC AMC to acquire the shares of Equitas Small Finance Bank
Equitas Small Finance Bank through the regulatory filings informed that the Bank has received an intimation from RBI on September 20, 2023, regarding the approval granted to M/s. HDFC Asset Management Company Limited (HDFC) to acquire aggregate holding of up to 9.5 percent of the paid-up equity capital or voting rights in ESFBL.
The approval by RBI is subject to compliance with the relevant provisions of Banking Regulation Act, 1949, Master Direction and Guidelines on Acquisition and Holding of shares or Voting Rights in Banking companies dated January 16,2023 (as amended from time to time), provisions of the Foreign Exchange Management Act,1999, regulations issued by Securities and Exchange Board of India and any other statutes, regulations and guidelines as applicable and is valid for a period of one year from the date of the approval.
HDFC AMC shares
The shares prices of HDFC AMC on Thursday morning at 10:37 am IST were trading at Rs 2,707.20, up by 0.86 per cent.
