HDFC AMC gets RBI approval for acquiring upto 9.5% stake in 5 banks

HDFC Asset Management Company Limited has received the approval letter dated September 20, 2023 from the Reserve Bank of India ("RBI") on the captioned subject which enables the Company to acquire an aggregate holding of upto 9.5% of the paid-up share capital or voting rights of each of the banks viz. DCB Bank Limited, Equitas Small Finance Bank Limited, The Federal Bank Limited, Karur Vysya Bank Ltd. and City Union Bank Limited.

The said RBI approval for aggregate holding in the aforesaid banks shall be construed in accordance with the Master Direction - Reserve Bank of India (Acquisition and Holding of Shares or Voting Rights in Banking Companies) Directions, 2023 dated January 16, 2023.

Shares of HDFC Asset Management Company Limited was last trading in BSE at Rs. 2675.65 as compared to the previous close of Rs. 2684.40. The total number of shares traded during the day was 30643 in over 3788 trades.

The stock hit an intraday high of Rs. 2729.50 and intraday low of 2647.50. The net turnover during the day was Rs. 82632379.00.

Source : Equity Bulls

Keywords

HDFCAssetManagementCompany INE127D01025 HDFCAMC StakeIncrease RBIApproval 5Banks