The central bank of India, RBI has allowed SBI Funds Management to acquire up to 9.99% stake in HDFC Bank Ltd.
As per the exchange filing, SBI Funds had filed an application with RBI to acquire the shareholding in HDFC Bank, to which the central bank has granted permission and advised to buy stake within 6 months; i.e., November 15.
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.
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