HDFC Bank group on Tuesday revealed that it has sought permission from the Reserve Bank of India to acquire “aggregate holding” of up to 9.5% of the paid-up share capital or voting rights in six banks.
These six banks include…
- Axis Bank
- ICICI Bank
- Survoday Small Finance Bank
- YES Bank
- Bandhan Bank
- IndusInd Bank
In the regulatory filing, the Bank said that the approvals were given under requests made by HDFC Bank to RBI on December 18, 2023.
It added, “RBI’s approval is valid until February 4, 2025, for 1 year from the date of RBI’s letter,
Further, HDFC Bank shall ascertain that the “aggregate holding” in six banks does not exceed 9.50% of the paid-up share capital or voting rights at all times.
The HDFC Bank cited that it does not plan to invest in these banks but as the holding was likely to cross 5% under the RBI rules, it sought the permission to invest more.
Further, since the RBI Directions are pertinent to HDFC Bank, the bank had requested RBI on behalf of the group.
The HDFC Group includes…
- HDFC Bank
- HDFC Mutual Funds
- HDFC Life Insurance Company Ltd
- HDFC General Insurance Company Ltd
The remaining 6 banks also made announcements in separate regulatory filings.
In their regulatory filings they said that the RBI while approving has also said if the applicant fails to acquire major shareholding within 1 year from the date of the RBI letter, the approval will be canceled.
On BSE at 10:45 am, YES Bank was up by 9.69% and was trading at RS. 25.01 apiece. ICICI Bank was 0.3% up and was trading at Rs. 1,027.05 apiece.
The rest three banks were trading in red. Axis Bank was trading 0.82% in the downside at Rs. 1,053.08 apiece.
Bandhan Bank was trading in red nearly 1% at Rs. 220.7 apiece. IndusInd Bank was over 1.5% down and was trading at Rs 1,515.55 per share.
HDFC Bank group on Tuesday revealed that it has sought permission from the Reserve Bank of India to acquire “aggregate holding” of up to 9.5% of the paid-up share capital or voting rights in six banks.
These six banks include…
- Axis Bank
- ICICI Bank
- Survoday Small Finance Bank
- YES Bank
- Bandhan Bank
- IndusInd Bank
In the regulatory filing, the Bank said that the approvals were given under requests made by HDFC Bank to RBI on December 18, 2023.
It added, “RBI’s approval is valid until February 4, 2025, for 1 year from the date of RBI’s letter,
Further, HDFC Bank shall ascertain that the “aggregate holding” in six banks does not exceed 9.50% of the paid-up share capital or voting rights at all times.
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The HDFC Bank cited that it does not plan to invest in these banks but as the holding was likely to cross 5% under the RBI rules, it sought the permission to invest more.
Further, since the RBI Directions are pertinent to HDFC Bank, the bank had requested RBI on behalf of the group.
The HDFC Group includes…
- HDFC Bank
- HDFC Mutual Funds
- HDFC Life Insurance Company Ltd
- HDFC General Insurance Company Ltd
The remaining 6 banks also made announcements in separate regulatory filings.
In their regulatory filings they said that the RBI while approving has also said if the applicant fails to acquire major shareholding within 1 year from the date of the RBI letter, the approval will be cancelled.
On BSE at 10:45 am, YES Bank was up by 9.69% and was trading at RS. 25.01 apiece. ICICI Bank was 0.3% up and was trading at Rs. 1,027.05 apiece.
The rest three banks were trading in red. Axis Bank was trading 0.82% in the downside at Rs. 1,053.08 apiece.
Bandhan Bank was trading in red nearly 1% at Rs. 220.7 apiece. IndusInd Bank was over 1.5% down and was trading at Rs 1,515.55 per share.
Image credit: Bloomberg