HDFC AMC Gains RBI Approval for Up to 9.5% Stake in Karur Vysya Bank and DCB Bank

29 Sep 2023 , 02:36 PM

HDFC Asset Management Company has received approval from the Reserve Bank of India (RBI) to acquire additional holdings of up to 9.5% in Karur Vysya Bank and DCB Bank.

Karur Vysya Bank confirmed the RBI’s approval, specifying that HDFC AMC must ensure its aggregate holding in the bank does not exceed 9.5% of the paid-up share capital. Any reduction of shareholding below 5% will require prior approval from RBI.

DCB Bank also received RBI’s approval for HDFC AMC to acquire up to 9.5% of its paid-up share capital or voting rights. HDFC AMC must complete this major shareholding acquisition within one year from the date of approval; otherwise, the RBI’s approval will be canceled.

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