The Reserve Bank of India (RBI) has approved HDFC Bank Limited and its subsidiaries to acquire up to 9.50% of the share capital or voting rights in several banks.
The approval was sought by HDFC Bank, the group’s promoter/sponsor, and was granted on February 5, 2024, with a validity period of February 4, 2025.
HDFC Bank must maintain an aggregate holding in the aforementioned banks of no more than 9.50% of each bank’s paid-up share capital or voting rights at all times.
The term “aggregate holding” refers to shareholdings by HDFC Bank, entities under the same management/control, mutual funds, trustees, promoter group entities, and others.
Although HDFC Bank does not plan to invest in these banks, the application was submitted to get approval to keep the HDFC Bank group’s total holdings from going over the 5% limit as per RBI Directions.
Here are the six banks RBI nod to acquire 9.5%
Axis Bank Limited
Axis Bank Limited’s share price of the large-cap bank closed down by 0.80% to Rs 1,053 per share from its previous close of Rs 1,061.5, with a market capitalization of Rs 3,25,000 crores.
Suryoday Small Finance Bank Limited
Suryoday Small Finance Bank Limited’s share price closed 4.8% up at Rs 171.25 per share from its previous close of Rs 163.40, with a market capitalization of Rs 1,81,000 crores.
ICICI Bank Limited
ICICI Bank Limited’s share price closed up by 0.42% at Rs 1,027.75 per share from its previous close of Rs 1,023.50, with a market capitalization of Rs 7,21,000 crores.
Bandhan Bank Limited
Bandhan Bank’s share price closed up by 0.42% at Rs 218.90 per share from its previous close of Rs 222.65, with a market capitalization of Rs 3,520 crores.
Yes Bank Limited
The share price of the bank closed 11.62% up at Rs 25.45 per share from its previous close of Rs 22.80, with a market capitalization of Rs 73,120 crores.
IndusInd Bank Limited
The share price of the bank closed 11.62% up at Rs 1,513.20 per share from its previous close of Rs 1,537.80, with a market capitalization of Rs 1,17,000 crores.
Written by Sriram KV
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