RBI permits SBI Mutual Fund to acquire 9.99% paid-up share capital in IndusInd Bank
Mumbai: The Reserve Bank of India (RBI), on Wednesday, granted permission to SBI Mutual Fund (SBIMF) to acquire up to 9.99% of paid-up share capital or voting rights in Induslnd Bank.
The RBI has advised SBIMF to complete this acquisition within one year, specifically by October 10, 2024.
“The approval has been granted with the reference to the application made by SBIMF to RBI,” a release from the Central bank said.
The Central bank added that the aforesaid approval granted by RBI is subject to the conditions mentioned therein including compliance with the relevant provisions of the Banking Regulation Act, 1949, RBI’s Master Direction and Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies dated January 16, 2023 (as amended from time to time), provisions of the Foreign Exchange Management Act, 1999, regulations issued by Securities and Exchange Board of India, and any other statutes, regulations and guidelines, as applicable.
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