RBI approves the proposal of HDFC for holding 9.9 pc stake in Bandhan Bank
Gruh Finance, the affordable housing finance arm of HDFC Ltd, was taken over by Bandhan Bank in a share-swap deal in January.
NEW DELHI: The Reserve Bank of India (RBI) has given its nod to HDFC Ltd for acquiring up to 9.9 percent stake in Bandhan BankNSE 2.35 % following the Gruh Finance NSE 5.79 % deal.
Gruh Finance, the affordable housing financeNSE -0.98 % arm of HDFC Ltd, was taken over by Bandhan Bank 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, HDFC Ltd said in a regulatory filing on Tuesday.
The RBI on Monday granted approval to HDFC to acquire the shareholding of 9.9 percent or less of the paid-up capital of Bandhan Bank upon the effective date of the scheme of amalgamation, it said.
The scheme remains subject to approvals from the National Company Law Tribunal and the respective shareholders of Gruh Finance NSE 1.08 % and Bandhan Bank, it said.
The Gruh Finance deal will reduce the stake of Bandhan Financial Holdings LtdNSE 0.16 % in Bandhan Bank to about 61 percent.
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