Live
- 1-metre sea level rise by 2100 to affect over 14 mn people living in coastal areas: Study
- Jordan sends helicopter fleet for aid delivery to Gaza
- Strengthened by steel sector, India emerging as 5th largest global economic power: Kumaraswamy
- Sensex ends 422 points down, Nifty below 23,350 over weak global sentiment
- Cancel flights delayed beyond 3 hours, govt tells airlines
- Canada's Employment Minister resigns
- BGT 2024-25: Shastri picks Jadeja as key spinner for India in first Test
- Texas offers border land for Trump's mass deportation plan
- BGT 2024-25: 'It feels quite surreal', says Padikkal after joining the Indian squad
- AP ministers deny Vizag steel plant privatization claims
RBI approves proposal of HDFC for holding 9.9 pc stake in Bandhan Bank
The share swap ratio for the merger will be 568 shares of Bandhan Bank for every 1,000 shares of Gruh Finance.
New Delhi: The Reserve Bank of India (RBI) has given its nod to HDFC Ltd for acquiring up to 9.9 per cent stake in Bandhan Bank following the Gruh Finance deal.
Gruh Finance, the affordable housing finance 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 shareholding of 9.9 per cent or less of the paid-up capital of Bandhan Bank upon the effective date of scheme of amalgamation, it said.
The scheme remains subject to approvals from the National Company Law Tribunal and the respective shareholders of Gruh Finance and Bandhan Bank, it said.
The Gruh Finance deal will reduce stake of Bandhan Financial 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.
