RBI permits SBI Mutual Fund to acquire 9.99% paid-up share capital in IndusInd Bank
The Reserve Bank of India (RBI) on October 11 issued its approval to SBI Mutual Fund (SBI MF), the mutual funds arm of the State Bank of India, to acquire 9.99 percent of the paid-up share capital in private lender IndusInd Bank, a regulatory filing stated on October 11.
“The approval has been granted with reference to the application made by SBI MF to RBI,” 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”.
