HDFC Asset Management Company Limited received approval from the Reserve Bank of India to acquire additional stake in Karur Vysya Bank and DCB Bank, the banks announced through an exchange filing.
HDFC AMC will acquire 9.5 per cent stake in DCB Bank and Karur Vysya Bank.
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However, HDFC AMC must ensure that the aggregate holding in Karur Vysya Bank does not exceed 9.5 per cent of the paid-up share capital. Further the company would require prior approval from RBI to reduce the shareholding below 5 per cent.
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The RBI has also advised HDFC AMC to acquire the shares of DCB Bank within a period of one year and if the company fails to do so then the approval by the RBI will stand as cancelled. Further it also has to ensure that the holding doesn’t exceed the 9.5 per cent of the paid-up share capital.
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HDFC AMC shares
The shares prices of HDFC AMC on Thursday morning at 10:37 am IST were trading at Rs 2,707.20, up by 0.86 per cent.
