RBI accords approval to HDFC Bank to acquire up to 9.50% stake in ICICI Bank

ICICI Bank has received a copy of RBI letter dated 05 February 2024 addressed to HDFC Bank (the applicant) that it has accorded its approval to the applicant to acquire aggregate holding' of up to 9.50% of the paid-up share capital or voting rights in the Bank within one year from the date of RBI approval letter, failing which RBI approval shall stand cancelled. The approval is subject to certain conditions including compliance with the relevant statutory and regulatory provisions.

Pursuant to an application filed by the applicant, RBI had sought comments from ICICI Bank for the proposed acquisition by any or all of the group companies of the applicant namely, HDFC Mutual Fund, HDFC Life Insurance Company, HDFC Pension Management Company and HDFC ERGO General Insurance Company in any proportions such that their aggregate holding does not exceed 9.50% of the paid-up share capital of the Bank.

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