New Delhi, Dec 16 || HDFC Bank has received approval from the Reserve Bank of India (RBI) to allow its group entities to collectively hold up to a 9.50 per cent stake in IndusInd Bank.
The approval was granted through a letter dated December 15 and will be valid for one year, until December 14, 2026.
The RBI has clearly stated that the total holding of HDFC Bank and its group entities must not exceed 9.50 per cent of IndusInd Bank’s paid-up share capital or voting rights at any point during this period.
This approval applies to the combined, or “aggregate,” holding of HDFC Bank and the entities where it acts as a promoter or sponsor.
“Further the Bank needs to ensure that the ‘aggregate holding’ in IndusInd does not exceed 9.50 per cent of the paid-up share capital or voting rights of IndusInd, at all times,” the private lender said in its regulatory filing.