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.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
Related Articles
CRR cut, AI ethics push, and SORR benchmark: Experts hail RBI’s pragmatic policy moves
Mumbai: The Reserve Bank of India (RBI) has kept the repo rate unchanged at 6.5% while the cash reserve ratio (CRR) has been slashed by 50 basis points to 4 percent, media reports said.
JP Morgan gives 'overweight' rating to Adani Group bonds
Mumbai: US investment bank JP Morgan has assigned an 'overweight' rating to four bonds issued by the Adani Group, citing the group's capacity to scale and grow through internal cash flows, which reduces the likelihood of credit stress.
LG Electronics files DRPH with SEBI; IPO size expected to be over RS 15,000 cr
Mumbai: South Korean electronics giant LG Electronics has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Friday for the proposed public listing of its Indian business, according to a notification on the Bombay Stock Exchange (BSE).
De-dollarisation not on India's agenda; derisking domestic trade is: RBI Governor Shaktikanta Das
Mumbai: India has not initiated any steps towards de-dollarisation and is solely focused on mitigating risks to domestic trade from geopolitical uncertainties, Reserve Bank of India (RBI) Governor Shaktikanta Das clarified on Friday, media reports said.
Latest News
Assam Rifles, Customs seized huge narcotics consignment in Tripura
'Absolutely pathetic law and order situation': PM Modi slams 'insensitive' TMC after BJP leaders attacked in Bengal
Bengal flood: Death toll rises to 36, several still missing; Mamata blames DVC
RPF of NFR seized contraband items (Ganja) worth over Rs 19.69 Lakh
