HDFC Bank, through a regulatory filing over the BSE dated 17th May 2023, informed that the Reserve Bank of India (RBI) has approved the application made by SBI Funds Management Limited (SBIFML) with respect to acquiring up to 9.99% of the Bank’s paid-up share capital or voting rights. The approval granted is subject to the conditions including compliance with all the relevant provisions.
SBIFML has been advised by the RBI to acquire the above-mentioned major shareholding in the Bank within a period of six months i.e. by the 15th of November, 2023. Further, it is necessary for SBIFML to ensure that the aggregate holding in the Bank, at all times, remains below 10% of the paid-up share capital or voting rights.
With a market capitalization of Rs 919,226 crores, the shares of HDFC Bank Limited closed today at Rs 1,645 gaining around 0.40 percent as compared to the previous closing price of Rs 1,638.45.
Founded in 1994, HDFC Bank is a commercial banking firm offering banking services such as private banking, deposits, insurance, mobile banking, etc. The Bank caters to various sectors such as financial services, consumer products, healthcare, e-commerce, and many others.
HDFC Bank and its parent company HDFC are in the process of getting merged by the mid of this year, CFO Srinivasan Vaidyanathan commented after announcing the bank’s Q4FY22-23 results.
The Total Income generated by the Bank increased in the recent quarter from Rs 54,123 crores during Q3FY22-23 to Rs 57,159 crores during Q4FY22-23.
Written by Amit Madnani
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