Home / Business and Economy / RBI Greenlights ICICI Stake Hike in HDFC Bank
RBI Greenlights ICICI Stake Hike in HDFC Bank
12 Feb
Summary
- RBI permits ICICI group entities to increase HDFC Bank stake.
- The approved stake can reach up to 9.95% of HDFC Bank.
- ICICI group entities currently hold 4.07% of HDFC Bank.
India's central bank has granted approval for ICICI Prudential Asset Management Company and other ICICI group entities to increase their shareholding in HDFC Bank. The approval allows the ICICI group's stake to rise to a maximum of 9.95%.
As of February 6, the ICICI group entities collectively owned 4.07% of HDFC Bank, India's largest lender by market capitalization. This approval from the Reserve Bank of India is valid for one year.
ICICI group entities must ensure their holdings in HDFC Bank remain at or below 9.95% at all times. Should the stake fall below 5%, fresh RBI approval will be required to re-increase it to 5% or more.
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