ICICI Prudential Asset Management Co. has received approval from the RBI to acquire a 9.5% stake in The Federal Bank Ltd.
The stake acquisition by ICICI Prudential AMC in the company will be subject to conditions specified, according to its exchange filing issued on Thursday.
As of September, the asset management company's shareholding in Federal Bank stood at 1.93%.
In October, the Kochi-based bank also sold 7.26 crore shares, or a 3% stake, to International Finance Corp. Then, the company board agreed to allocate the shares to IFC, IFC Financial Institutions Growth Fund LP, and IFC Emerging Asia Fund LP at an issue price of Rs 131.91 per share.
Shares of Federal Bank closed 1.01% higher at Rs 155.45 apiece, as compared with a 0.52% rise in the benchmark BSE Sensex.
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