5 months ago
1
The Reserve Bank of India (RBI) has accorded its approval to HDFC Bank Ltd Bank (being promoter / sponsor of its radical entities HDFC Mutual Fund, HDFC Life Insurance Company Ltd, HDFC ERGO General Insurance Company Ltd, HDFC Pension Fund Management Ltd and HDFC Securities Ltd) to get “aggregate holding” of up to 9.50% of the paid-up stock superior oregon voting rights successful IndusInd Bank.
The support is valid for a play of 1 twelvemonth from the day of RBI’s letter, i.e., till December 14, 2026.
IndusInd Bank said that HDFC Bank indispensable guarantee that the “aggregate holding” successful the IndusInd would not transcend 9.50% of the paid-up stock superior oregon voting rights of IndusInd Bank, astatine each times.
“If the “aggregate holding” falls beneath 5%, anterior support of the RBI volition beryllium required to summation it to 5% oregon much of the full paid-up stock superior or voting rights of the IndusInd Babk. The RBI besides conveyed that the applicant shall not have representation connected the IndusInd Bank’s Board,” it added.
