ICICI AMC, ICICI Venture and ICICI Life receive RBI nod to hold upto 9.95% stake in 9 banks

The subsidiaries of ICICI Bank Limited, namely, ICICI Prudential Asset Management Company Limited ("ICICI AMC"), ICICI Venture Funds Management Company Limited ("ICICI Venture") and ICICI Prudential Life Insurance Company Limited ("ICICI Life"), have received approvals from the Reserve Bank of India ("RBI"), through different letters dated December 27, 2023 which were received on December 28, 2023 at 12. 44 p.m. which permits an "aggregate holding" of up to 9.95% of the paid-up share capital or voting rights in each of the banks as follows:

Axis Bank Limited - ICICI AMC
City Union Bank Limited - ICICI AMC
DCB Bank Limited - ICICI AMC and ICICI Venture
Equitas Small Finance Bank Limited - ICICI AMC
Federal Bank Limited - ICICI AMC
IDFC First Bank Limited - ICICI AMC and ICICI Life
IndusInd Bank Limited - ICICI AMC and ICICI Life
Karur Vysya Bank Limited - ICICI AMC
RBL Bank Limited - ICICI AMC and ICICI Life

The approval requires the applicant(s) to acquire major shareholding within a period of one year from the date of RBI letter. The approval is pursuant to the application made in accordance with the Master Direction and Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies dated January 16, 2023. Accordingly, the term "aggregate holding" shall be construed as per the said Master Direction.

Shares of ICICI Bank Limited was last trading in BSE at Rs. 1005.40 as compared to the previous close of Rs. 1001.75. The total number of shares traded during the day was 379293 in over 8018 trades.

The stock hit an intraday high of Rs. 1011.90 and intraday low of 999.05. The net turnover during the day was Rs. 381201323.00.

Source : Equity Bulls

Keywords

ICICIBank INE090A01021 IBN ICICIVenture ICICIAMC ICICILife RBIApproval Banks StakeAcquisition