MUMBAI: India’s HDFC Bank said on Wednesday that the Reserve Bank of India has allowed it SBI fund management ltd acquire a stake of up to 9.99% in the private lender.
The RBI “advised” SBI Fund Management – a joint venture between State Bank of India and France’s AMUNDI – to acquire the shares by November 15, 2023, announced HDFC Bank.
SBI Funds Management must ensure that its total holding remains below 10% of HDFC Bank’s paid-up share capital or voting rights, RBI said, according to HDFC Bank’s IPO.
SBI currently holds a 63% stake in SBI Funds Management, while AMUNDI Asset Management holds the remainder through its Indian subsidiary.
HDFC Bank is in the process of merging with its parent company, Housing Development Finance Corp. The merger is expected to be completed in July.
The RBI “advised” SBI Fund Management – a joint venture between State Bank of India and France’s AMUNDI – to acquire the shares by November 15, 2023, announced HDFC Bank.
SBI Funds Management must ensure that its total holding remains below 10% of HDFC Bank’s paid-up share capital or voting rights, RBI said, according to HDFC Bank’s IPO.
SBI currently holds a 63% stake in SBI Funds Management, while AMUNDI Asset Management holds the remainder through its Indian subsidiary.
HDFC Bank is in the process of merging with its parent company, Housing Development Finance Corp. The merger is expected to be completed in July.
