Reserve Bank of India approves Quant Mutual Fund's proposal to increase its stake in RBL Bank to 9.98%. The move comes after Quant MF owned 4.68% of the private lender.
Photograph: Mahipal Soni/Rediff.com
Mumbai, May 14 (PTI) The Reserve Bank has allowed Quant Mutual Fund to hike its stake in RBL Bank to 9.98 per cent, according to a regulatory filing.
As of May 10, Quant MF through its various schemes owned 4.68 per cent equity share capital in the private sector lender.
"RBI...has accorded its approval to quant Money Managers Ltd to acquire “aggregate holding” of up to 9.98 per cent of the paid-up share capital or voting rights in RBL Bank through various schemes of Quant Mutual Fund," the filing said.
The approval granted on Monday is subject to certain conditions and provisions under the Banking Regulation Act, 1949, among others.
The shareholding has to be increased by May 12, 2025, it said.
RBL Bank stock was trading at Rs 246.60, up 0.20 per cent on BSE.
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
© 2024 Rediff.com India Limited. All rights reserved. Disclaimer - Terms of Service - Privacy Policy - Feedback