SBI Funds Management Ltd. has received approval from the RBI to acquire up to 9.99% of the paid-up share capital or voting rights of HDFC Bank Ltd.
The approval has been granted with reference to the application made by SBI Funds to the Reserve Bank of India, and the company has been advised to acquire the shareholding in HDFC Bank within six months—Nov. 15, according to an exchange filing by the lender on Wednesday.
SBI Funds is also required to ensure that its aggregate holding in HDFC Bank remains below 10% of the paid-up share capital or voting rights of the bank at all times.
HDFC Bank's stock closed 0.39% lower on Wednesday at Rs 1,640.85 apiece, as compared with a 0.47% decline in the benchmark Nifty Bank index.
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