SBI Mutual Fund gets RBI nod to acquire up to 9.99% stake in IndusInd Bank
Banking & Finance
The RBI on Wednesday allowed SBI Mutual Fund (SBIMF) to acquire up to 9.99 per cent of paid-up share capital in Indusland Bank. "The approval has been granted in terms of the application made by SBI MF to RBI," IndusInd Bank informed stock exchanges. This acquisition will also give SBI MF the right to hold 9.99 percent voting rights in the bank. "SBI MF is required to acquire the aforesaid majority stake in the bank within a period of one year, i.e. by October 10, 2024, as per the directions given by RBI," the exchange filing said. The RBI said the relevant provisions of the Banking Regulation Act, 1949, the RBI Master Direction and the Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies (from time to time) are subject to approval by January 16, 2023. Foreign Exchange Management Act, 1999, rules issued by the Securities and Exchange Board of India, and any other laws, regulations and guidelines as may be applicable.
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