SBI Group gets RBI nod to acquire upto 9.99% in ICICI Bank

ICICI Bank has received a copy of RBI letter dated March 23, 2022 addressed to SBI Funds Management Limited (SBIFML) that it has accorded its approval to SBIFML together with all other group entities of SBI Group for acquiring upto 9.99% of the paid up equity capital of the Bank. This approval is subject to compliance with the relevant provisions of Banking Regulation Act, 1949, Master Direction on 'Prior Approval for Acquisition of Shares or Voting Rights in Private Sector Banks' dated November 19, 2015 and Master Direction on 'Ownership in Private Sector Banks' dated May 12, 2016 issued by RBI, provisions of the regulations issued by Securities and Exchange Board of India, provisions of the Foreign Exchange Management Act, 1999 and any other guidelines, regulations and statutes as applicable. In its letter, RBI has advised SBIFML to ensure that the total shareholding of the SBI Group entities in the Bank remains below 10% of the paid up equity capital of the Bank at all times. The approval is valid for a period of one year i.e. up to March 22, 2023.

Shares of ICICI Bank Limited was last trading in BSE at Rs. 718.20 as compared to the previous close of Rs. 718.75. The total number of shares traded during the day was 424230 in over 12427 trades.

The stock hit an intraday high of Rs. 727.00 and intraday low of 714.40. The net turnover during the day was Rs. 305537094.00.

Source : Equity Bulls

Keywords

ICICIBank INE090A01021 IBN SBIGroup RBIApproval SBIFundsManagement