ICICI Bank on Wednesday announced that it received approvals from the Reserve Bank of India (RBI) which permits ICICI Prudential Asset Management Company, along with group entities of the Bank, to acquire an aggregate holding of up to 9.95% of the paid-up share capital or voting rights in eight other banks.
These banks include Bandhan Bank, City Union Bank, Equitas Small Finance Bank, Federal Bank, IDFC First Bank, HDFC Bank, The Karur Vysya Bank and RBL Bank.
“The approval requires ICICI Prudential Asset Management Company to acquire major shareholding within a period of one year from the date of RBI letter failing which the approval would stand cancelled,” ICICI Bank said in a regulatory filing on February 11.
ICICI Prudential AMC said that as an investment manager, it would be acquiring the equity shares of these banks on behalf of schemes of ICICI Prudential Mutual Fund (MF), including investment strategies under Specialised Investment Fund, Schemes under Alternative Investment Funds (AIF) and clients of Portfolio Management Services (PMS) of the AMC.
On Wednesday, ICICI Bank share price ended 0.03% higher at ₹1,405.90 apiece, while ICICI Prudential Asset Management Company share price ended 0.36% lower at ₹3,044.55 apiece on the BSE.
