Mumbai: The Reserve Bank of India (RBI) has given SBI Funds Management permission to purchase up to a 9.99% stake in HDFC Bank and has recommended the company to do so within six months.
“We would like to inform you that the Reserve Bank of India vide its letter dated May 16, 2023 addressed to SBI Funds Management Limited has accorded its approval to SBIFML for acquiring up to 9.99% of the paid-up share capital or voting rights of HDFC Bank,” the private lender said in a stock exchange filing.
SBI Funds has also been advised by the RBI to acquire requisite shareholding in HDFC Bank within a period of six months, ending November 15, 2023. Also the fund management company will ensure that the aggregate holding in HDFC Bank remains below 10% of the paid-up share capital or voting rights at all times.
