India’s central bank approved ICICI Prudential AMC acquiring an aggregate holding of up to 9.95% in four lenders, including Kotak Mahindra Bank, parent ICICI Bank said on Wednesday.
ICICI Prudential AMC can acquire stakes of up to 9.95% in CSB Bank, DCB Bank, AU Small Finance Bank and Kotak.
The Reserve Bank of India’s approvals require the asset manager to complete the share purchases within one year, failing which the approvals will lapse.
These standard portfolio investments are passive holdings acquired as part of routine portfolio management rather than for exercising control or influencing the management of a bank.
Reuters
