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RBI okays HDFC's proposal for holding 9.9% stake in Bandhan Bank

The scheme remains subject to approvals from the National Company Law Tribunal and the respective shareholders of Gruh Finance and Bandhan Bank

Press Trust of India  |  New Delhi 

RBI, reserve bank of India
Reserve Bank of India

The (RBI) has given its nod to for acquiring up to 9.9 per cent stake in following the deal.

Gruh Finance, the affordable housing of HDFC Ltd, was taken over by in a share-swap deal in January.

After the announcement of the deal, an application was made by HDFC to the RBI for holding shares in Bandhan Bank, said in a regulatory filing on Tuesday.

The RBI on Monday granted approval to HDFC to acquire shareholding of 9.9 per cent or less of the paid-up capital of upon the effective date of scheme of amalgamation, it said.

The scheme remains subject to approvals from the and the respective shareholders of and Bandhan Bank, it said.

The deal will reduce stake of Holdings Ltd in Bandhan Bank to about 61 per cent from the current 82 per cent.

The share swap ratio for the merger will be 568 shares of Bandhan Bank for every 1,000 shares of Gruh Finance.

First Published: Tue, April 23 2019. 21:50 IST