ICICI AMC receives RBI nod for holding up to 9.95% stake in The Federal Bank Ltd

The Federal Bank Ltd ("Bank") has received an intimation from the Reserve Bank of India ("RBI") on December 28, 2023, that it has accorded its approval to ICICI Prudential Asset Management Company Ltd. (ICICI AMC) for acquiring aggregate holding of up to 9.95% of the paidup Share Capital or Voting Rights of the Bank subject to the conditions specified therein.

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.

Shares of The Federal Bank Limited was last trading in BSE at Rs. 155.45 as compared to the previous close of Rs. 153.90. The total number of shares traded during the day was 378550 in over 3037 trades.

The stock hit an intraday high of Rs. 157.05 and intraday low of 154.25. The net turnover during the day was Rs. 58927461.00.

Source : Equity Bulls

Keywords

TheFederalBank INE171A01029 RBIApproval ICICIAMC StakeAcquisition