HDFC Bank plans to buy CCIL stake

HDFC Bank said on Tuesday that it has plans to acquire 4 per cent stake in Clearing Corporation of India (CCIL) from Bank of Baroda. The acquisition for about ₹124 crore is likely to be completed by end of December. “The bank currently holds 5 per cent of the total equity capital of CCIL. Hence, it is proposed to increase the stake in CCIL to 9 per cent from the current 5 per cent from an investment perspective,” the lender said in a regulatory filing. Prior approval of the RBI is required for the transaction, it said.