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HDFC AMC gets RBI nod to hold up to 9.50% stake in The Federal Bank Ltd
Posted On : 2023-09-21 13:43:39( TIMEZONE : IST )
The Reserve Bank of India ("RBI") vide its letter dated September 20, 2023, has accorded its approval to HDFC Asset Management Company Ltd. ("HDFC AMC") for acquiring aggregate holding of up to 9.50% of the paid-up share capital or voting rights of The Federal Bank Ltd ("Bank"). The approval has been granted with reference to the application made by HDFC AMC to RBI.
The aforesaid approval granted by RBI is subject to the 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 guidelines, regulations and statutes as applicable.
As per the RBI intimation, HDFC AMC must ensure that the aggregate holding in the Bank does not exceed 9.50% of the paid-up share capital or voting rights of the Bank at all times. Further if the aggregate holding falls below 5%, prior approval of RBI will be required to increase it to 5% or more of the paid-up share capital or voting rights of the Bank.
Shares of HDFC Asset Management Company Limited was last trading in BSE at Rs. 2684.40 as compared to the previous close of Rs. 2651.60. The total number of shares traded during the day was 37770 in over 4467 trades.
The stock hit an intraday high of Rs. 2720.40 and intraday low of 2625.85. The net turnover during the day was Rs. 101800956.00.
Shares of The Federal Bank Limited was last trading in BSE at Rs. 146.40 as compared to the previous close of Rs. 146.10. The total number of shares traded during the day was 1151774 in over 7645 trades.
The stock hit an intraday high of Rs. 147.45 and intraday low of 144.25. The net turnover during the day was Rs. 167635997.00.
