DSP Investment Managers Pvt. Ltd. has received Reserve Bank of India's approval to acquire up to 9.99% of the paid-up equity capital of the DCB Bank through the schemes of DSP Mutual Fund.
The asset manager can now acquire stake in the private lender through schemes and not directly as an institutional investor.
The approval is valid for a period of one year upto Feb. 2, 2024, according to the exchange filings on Saturday.
DSP Investment Managers has been directed by the RBI to ensure that its shareholding in DCB Bank remains below 10% of the paid-up equity capital of the bank at all times.
In November 2022, the banking regulator had allowed DSP Investment Managers to similarly acquire up to 9.99% equity stake in Equitas Small Finance Bank through its schemes.
On Friday, shares of DCB Bank fell 1.95% to Rs 105.50 apiece on the BSE even as the benchmark Sensex ended the day 1.52% higher at 60,841.88 points.
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