Wednesday, November 29, 2023

With RBI approval, HDFC Mutual Fund expanded its stake in banks

In Federal Bank, Equitas Small Finance Bank Ltd. & three other institutions, the RBI would increase its share in HDFC Mutual Fund (HDFC MF) to 9.5 percent. The go-ahead from RBI has been obtained. According to information provided to the stock market, “RBI has approved HDFC AMC in this regard.


The stock market was informed on behalf of the bank that

“RBI has approved for HDFC Asset Management Company Limited (HDFC AMC) to acquire 9.5 percent paid-up share capital or voting rights of Federal Bank through its letter dated September 20, 2023.” already been. The stock market was informed by Equitos Small Finance Bank that HDFC AMC has been given permission to grow its stake to up to 9.5 percent of paid-up share capital or voting rights.


Up till June 30, 2023,

HDFC AMC owned 4.49 percent of Federal Bank and 4.68 percent of Equitos Small Finance Bank. In addition, HDFC received permission to grow its holding to 9.5 percent in three additional banks: DCB Bank Ltd., Karur Vysya Bank, and City Union Bank.


The overall cost of a 9.5% ownership

in each of the five banks would be Rs 6,461 crore based on the stock market’s closing price the previous day. Looking over the previous three months, Karur Vysya Bank has increased by 9.23%, DCB Bank by 6.28%, City Union by 3.4%, and Federal Bank by 18.1%. Equitos Small Finance Bank, however, is an exception with a loss of 2.1% during this period.

Read More: PPF interest rate to increase for October-December quarter! know the details

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