RBI allows Tata Asset Management to acquire up to 7.5% in DCB Bank Limited

DCB Bank Limited has received an intimation from RBI on July 5, 2023, that it has granted its approval to Tata Asset Management Private Limited (TAMPL) to acquire aggregate holding of up to 7.5% of the paid-up equity capital of the Bank through the schemes of Tata Mutual Fund. The approval is valid for a period of one year from the date of RBI letter.

The aforesaid approval by the RBI is subject to compliance with the relevant provisions of Banking Regulation Act,1949, Master Direction and Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies dated January 16, 2023 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.

TAMPL is also advised by the RBI to ensure that its aggregate shareholding in the Bank shall not exceed 7.5% of the paid-up capital of the Bank at all times.

Shares of DCB Bank Limited was last trading in BSE at Rs. 121.45 as compared to the previous close of Rs. 123.50. The total number of shares traded during the day was 116895 in over 2398 trades.

The stock hit an intraday high of Rs. 125.00 and intraday low of 120.85. The net turnover during the day was Rs. 14384952.00.

Source : Equity Bulls

Keywords

DCBBank INE503A01015 RBIApproval TataAssetManagement TataMutualFund StakeAcquisition