As per an exchange filing, Banking regulator the Reserve Bank of India has cleared Franklin Templeton Mutual Fund's acquisition of a stake in Equitas Small Finance Bank Ltd. The investment by Franklin Templeton is subject to the amalgamation of Equitas Holdings Ltd with the small finance bank.
The bank's parent firm Equitas Holdings will be merged with the small finance bank. RBI had already granted approval to DSP Investment Managers to acquire as much as 9.99 per cent stake in Equitas Small Finance Bank in November.
But Franklin will only have 5 per cent voting rights at Equitas Small Finance Bank, until RBI issues further directions in addition to other conditions.
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