RBI allows SBI Mutual Fund to acquire up to 9.99% stake in IndusInd Bank Ltd

The Reserve Bank of India ("RBI") vide its letter dated October 11, 2023 addressed to SBI Mutual Fund ("SBIMF"), has accorded its approval to SBIMF for acquiring up to 9.99% of the paid-up share capital or voting rights in IndusInd Bank Limited ("the Bank"). The approval has been granted with reference to the application made by SBIMF to RBI.

The aforesaid approval granted by RBI is subject to the conditions mentioned therein including compliance with the relevant provisions of the Banking Regulation Act, 1949, RBI's Master Direction and Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies dated January 16, 2023 (as amended from time to time), provisions of the Foreign Exchange Management Act, 1999, regulations issued by Securities and Exchange Board of India, and any other statutes, regulations and guidelines, as applicable.

SBIMF has been advised by RBI to acquire the aforesaid major shareholding in the Bank within a period of one year i.e. by October 10, 2024. Further, SBI MF must ensure that the aggregate holding in the Bank does not exceed 9.99% of the paid-up share capital or voting rights of the Bank at all times.

Shares of IndusInd Bank Limited was last trading in BSE at Rs. 1421.15 as compared to the previous close of Rs. 1420.95. The total number of shares traded during the day was 26169 in over 2136 trades.

The stock hit an intraday high of Rs. 1431.00 and intraday low of 1415.50. The net turnover during the day was Rs. 37204705.00.

Source : Equity Bulls

Keywords

SBIMF RBIApproval StakeAcquisition IndusIndBank INE095A01012