SBIFML
RBI allows SBI Funds Management to buy 9.99% stake in HDFC Bank
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.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
