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The Foreign Investment Promotion Board (FIPB) will not take up HDFC Bank’s proposal for increasing foreign holding from 49 per cent to 67.55 per cent in its meeting scheduled on Tuesday.
The matter has been kept off FIPB’s agenda as there has been no decision yet on whether the 22.64 per cent stake in HDFC Bank of promoter and housing finance major HDFC Ltd is foreign investment or not.
If it is deemed as foreign investment, then the bank’s proposal to increase foreign holding will lead to breach of the existing 74 per cent cap on foreign investments.
Some of the proposals that FIPB is expected to take up on Tuesday include ones by Johnson & Johnson, Sistema Shyam Teleservices, Tech Mahindra and AT&T Global.
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