India's ICICI Prudential AMC gets RBI nod to buy up to 9.95% stakes in Kotak, three other banks
India's ICICI Prudential AMC gets RBI nod to buy up to 9.95% stakes in Kotak, three other banks Sept 9 (Reuters) - India's central bank approved ICICI Prudential AMC IICL.NS acquiring an aggregate holding of up to 9.95% in four lenders, including Kotak Mahindra Bank KTKM.NS, parent ICICI Bank said on Wednesday.
Here are more details:
ICICI Prudential AMC can acquire stakes of up to 9.95% in CSB Bank CSBB.NS, DCB Bank DCBA.NS, AU Small Finance Bank AUFI.NS and Kotak.
The Reserve Bank of India's approvals require the asset manager to complete the share purchases within one year, failing which the approvals will lapse.
These standard portfolio investments are passive holdings acquired as part of routine portfolio management rather than for exercising control or influencing the management of a bank.
(Reporting by Urvi Dugar in Bengaluru; Editing by Shreya Biswas)
((UrviManoj.Dugar@thomsonreuters.com; +91 9558725583;))
Recent news on CSB Bank
See all newsBrief: CSB Bank Q2 Net Profit 1.83 Billion Rupees
Brief: Fairfax Holding Exec Says IDBI Stake Buy To Be Funded By Cash, Dividend From Units, Potential Asset Sales, Contributions Of Digit & IIFL Capital
Fairfax plans to fold other Indian financial holdings into IDBI Bank (updated)
Brief: CSB Bank Says Has No Information Regarding Events In Merger News With IDBI
India's ICICI Prudential AMC gets RBI nod to buy up to 9.95% stakes in Kotak, three other banks