India's Utkarsh Small Finance Bank up as RBI allows Mirae Asset to raise stake

Utkarsh Small Finance Bank

12/07/2024 08:38

** Shares of Utkarsh Small Finance Bank  UTKR.NS  rise as
much as 2.56%, on course to snap a five-session losing streak
    ** Rise after Reserve Bank of India gives approval to Mirae
Asset Mutual Fund to buy up to 9.95% stake in the small finance
bank
    ** Mirae Asset Mutual Fund is part of diversified asset
manager Mirae Asset Global Investments, which is invested in 16
markets with assets under management worth $246 billion, as on
March 31, 2024
    ** The India arm manages about $22 billion of assets,
already has a stake worth 4.94% in UTKR
    ** UTKR's total deposits in June quarter rose 30% Y/Y,
according to an update last week
    ** Stock down 5.2% in 2024 so far - LSEG data

($1 = 83.5100 Indian rupees)

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))