SBIFML Mumbai: The Reserve Bank of India (RBI) has granted permission to SBI Funds Management (SBIMFL) to acquire a stake of up to 9.99 percent in terms of paid-up share capital or voting rights of HDFC Bank, the bank said in an exchange filing on Wednesday.
The approval was granted in response to the application submitted by SBIFML to the RBI and is subject to certain conditions, as mentioned in its notification.
As per the bank's statement, the RBI has advised SBIFML to acquire the mentioned significant shareholding in HDFC Bank within a timeframe of six months, specifically by November 15, 2023.
The RBI has instructed SBIFML to ensure that its total holding in HDFC Bank does not exceed 10 percent of the bank's paid-up share capital or voting rights at any given time.
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