ICICI Prudential Gets RBI Nod To Acquire 9.95% Stake In RBL, Induslnd, IDFC First Bank

ICICI Prudential Asset Management Co. and ICICI Prudential Life Insurance Co. have received approval from the Reserve Bank of India to acquire 9.95% stake in Induslnd Bank Ltd., RBL Bank Ltd. and IDFC First Bank Ltd.

The RBI has given its approval with regards to the application made by the applicant, the exchange filing said on Thursday.

The approval granted will be cancelled if the asset management company fails to acquire it within one year, it said.

If the aggregate holding falls below 5%, then RBI approval will be required to increase it to 5% or more of the share capital of the bank, according to the filing.

As of September, ICICI Prudential Life Insurance's shareholding in RBL Bank, Induslnd Bank and IDFC First Bank stood at 3.20%, 1.26% and 1.39%, respectively.

ICICI Prudential AMC will also acquire 9.5% stake in The Federal Bank Ltd. The stake acquisition by ICICI Prudential AMC in the Kochi-based bank will be subject to the conditions specified.

Shares of Induslnd Bank and RBL Bank closed 0.83% and 2.32% higher at Rs 1,610.20 apiece and Rs 268.95 apiece, respectively, while shares of IDFC First Bank closed 0.14% lower at Rs 88.75 apiece, as compared with a 0.52% rise in the benchmark BSE Sensex.