ICICI AMC and ICICI Life gets RBI nod for acquiring 9.95% stake in IDFC First Bank Ltd

ICICI Prudential Asset Management Company Limited and ICICI Prudential Life Insurance Company Limited ("Applicants") had applied to the Reserve Bank of India ("RBI") for seeking its prior approval to acquire up to 9.95% paid-up share capital of IDFC FIRST Bank Limited ("Bank").

The Bank has today received an intimation from the RBI, stating that it has accorded its approval to the Applicants to acquire aggregate holding of up to 9.95% of the paid-up 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 statutes, regulations and guidelines, as applicable.

Shares of IDFC First Bank Limited was last trading in BSE at Rs. 88.75 as compared to the previous close of Rs. 88.87. The total number of shares traded during the day was 3489027 in over 17386 trades.

The stock hit an intraday high of Rs. 89.60 and intraday low of 87.54. The net turnover during the day was Rs. 309255872.00.

Source : Equity Bulls

Keywords

IDFCFirstBank INE092T01019 RBIApproval ICICIAMC ICICILife