RBI permits SBI Mutual Fund to acquire 9.99% paid-up share capital in IndusInd Bank
IndusInd Bank informed the stock exchanges. This acquisition will allow the company to also hold 9.99 percent voting rights in the bank.
"SBI MF has been advised by RBI to acquire the aforesaid major shareholding in the bank within a period of one year i.e. by October 10, 2024", the exchange filing added.
The mutual fund body has also been told to ensure that its aggregate holding in the bank “does not exceed 9.99 percent of the paid-up share capital or voting rights". Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights! Click here! Earlier, in May, the RBI gave its nod to SBI Funds Management (SBIFML) -a joint venture between State Bank of India and France's AMUNDI - to acquire 9.99 percent stake in HDFC Bank and had recommended the company to do so within six months.
Meanwhile, IndusInd Bank had reported strong financials in the first quarter of fiscal year 2023-24, with its net profit rising to ₹2,124 crore, 32 percent higher as against ₹1,603.29 crore posted in the June 2022 quarter. The lender's net interest income grew to 4,867.11 crore, up 17.98 percent as compared to ₹4,125.20 crore reported in the year-ago period.
Read more on livemint.com
