Banking
Big move in banking! HDFC Bank cleared by RBI to acquire IndusInd shares
Mumbai/IBNS: HDFC Bank has received approval from the Reserve Bank of India (RBI) to acquire a 9.5% stake in IndusInd Bank, media reports said.
The approval, issued on December 15, will be valid until December 14, 2026, allowing HDFC Bank and its group entities to purchase the shares through market transactions or other permitted methods, The New Indian Express reported.
The RBI’s nod covers the combined or “aggregate holding” of HDFC Bank and its group companies where it acts as a promoter or sponsor, according to Economic Times.
Group entities include HDFC Mutual Fund, HDFC Life Insurance Company Limited, and HDFC Ergo General Insurance Company Limited.
As per the RBI, “aggregate holding” refers to the total shareholding of a category of investors taken together in a company, rather than the holding of an individual investor.
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