HDFC Bank group entities received Reserve Bank of India’s (RBI) approval to acquire “aggregate holding” of up to 9.5 per cent of the paid-up share capital or voting rights in six banks.
These banks include Axis Bank, Survoday Small Finance Bank, ICICI Bank, Bandhan Bank, YES Bank and IndusInd Bank.
The approvals were granted after the applications submitted by HDFC Bank (as a promoter/sponsor of the Group) to the RBI on December 18, 2023
RBI’s approval will remain valid for one year till 4 February 2025.
The aggregate holding’ includes shareholding by the bank, entities under the same management/ control, mutual funds, trustees and promoter group entities, among others.
HDFC Mutual Fund held 2.76 per cent voting rights in ICICI Bank, 2.49 per cent in Axis Bank, and 2.23 per cent in IndusInd Bank. HDFC Life Insurance held a 2.92 per cent stake in Suryoday SFB.
Till December, HDFC Pension Management had a 1.88 per cent stake in IndusInd Bank. HDFC Bank held a 3 per cent stake in YES Bank.
The HDFC Group includes HDFC Bank, HDFC Mutual Fund, HDFC Life Insurance Company Limited, HDFC ERGO General Insurance Company Limited and others.
