Money & Banking

RBI nod for Route One Investment to increase stake in IndusInd Bank to 10%

Our Bureau. Mumbai | Updated on July 24, 2020 Published on July 24, 2020

The Reserve Bank of India has approved a proposal by Route One Investment Company to increase its stake in IndusInd Bank by up to 10 per cent from its previous holding of 4.96 per cent.

“The RBI has forwarded the bank a copy of the letter addressed to ROIC, granting approval for increasing their shareholding up to 10 per cent of the paid-up voting equity capital of IndusInd Bank,” the private sector lender said in a regulatory filing on Friday.

ROIC, which is an existing shareholder, had approached the RBI for approval to increase its stake in the bank.

“Basis reference from the RBI, the board of directors of the bank, in their meeting held on July 5, granted approval to the proposed acquisition of Route One Investment Company, L.P. in our bank,” IndusInd Bank further said.

CSB Bank

Meanwhile, the RBI also permitted SBI Funds Management to acquire shares up to 10 per cent of the paid-up capital of CSB Bank through various schemes of SBI Mutual Fund.

“As per the terms of Reserve Bank of India letter, this approval shall stand valid for one-year period from the date of its letter till July 21, 2021,” CSB Bank said in a regulatory filing.

SBI Funds Management currently holds 4.734 per cent stake in the lender through various schemes of SBI Mutual Fund.

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Published on July 24, 2020
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