HDFC Asset Management Company (HDFC AMC) has received an approval from the Reserve Bank of India (RBI) for acquiring aggregate holding of up to 9.50% of the paid-up share capital or voting rights of the Federal Bank (Bank). The approval has been granted with reference to the application made by HDFC AMC to RBI.
As per the RBI intimation, HDFC AMC must ensure that the aggregate holding in the Bank does not exceed 9.50% of the paid-up share capital or voting rights of the Bank at all times. Further if the aggregate holding falls below 5%, prior approval of RBI will be required to increase it to 5% or more of the paid-up share capital or voting rights of the Bank.
HDFC Asset Management Company offers a large suite of savings and investment products across asset classes, which provide income and wealth creation opportunities to its customers.
