RBL Bank has received approval from the RBI for Quant Money Managers Ltd’s plans to buy up to 9.98 per cent of RBL Bank Limited’s paid-up share capital or voting rights through various quant Mutual Fund schemes.
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As of May 10, 2024, Quant Mutual Fund’s various schemes held 4.68 per cent of RBL Bank’s equity share capital.
This acquisition must be completed within a year’s time, i.e., by May 12, 2025, according to the statement.
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The release also states that, Quant Money Managers Ltd.’s total stake in RBL Bank should not exceed 9.98 per cent of the bank’s paid-up share capital or voting rights at any time. If its stake falls below 5 per cent, it will need prior clearance from the central bank to increase it to 5 per cent or higher.
RBI says that this is subjected to the condition that ensures that this acquisition is compliant with the Banking Regulation Act, 1949; The RBI’s Master Direction and Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies (dated January 16, 2023); the Foreign Exchange Management Act, 1999; regulations issued by the Securities and Exchange Board of India (SEBI); and their applicable statutes, regulations, and guidelines.
