RBI gives nod to SBIFML to acquire 9.99% stake in HDFC Bank

Mumbai: The Reserve Bank has given its approval to SBI Funds Management (SBIFML) to acquire up to 9.99 per cent stake in HDFC Bank, the private sector lender said on Wednesday.

The approval has been granted with reference to the application made by SBIFML to RBI, HDFC Bank said in an exchange filing.

"...we would like to inform you that the RBI vide its letter dated May 16, 2023 addressed to SBIFML, has accorded its approval to SBIFML for acquiring up to 9.99 per cent of the paid-up share capital or voting rights of HDFC Bank Limited," the bank said.

It further said SBIFML has been advised by RBI to acquire the major shareholding in the bank within a period of six months (by November 15, 2023).

SBIFML has to ensure that the aggregate holding in the bank remains below 10 per cent of the paid-up share capital or voting rights of the HDFC Bank at all times.

HDFC Bank shares closed at Rs 1,638.65 apiece on BSE, down 0.49 per cent.