|
The approval is valid for one year from the date of the RBI letter. TAMPL is also advised by the RBI to ensure that its aggregate shareholding in the Bank shall not exceed 7.5% of the paid-up capital of the bank at all times.
The approval is subject to compliance with the relevant provisions of the Banking Regulation Act, 1949, the Master Direction and Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies, the regulations issued by the Securities and Exchange Board of India, the Foreign Exchange Management Act, 1999, and any other guidelines, regulations, and statutes as applicable.
As on March 2023, Tata Mutual Fund (Tata Small Cap Fund) held 4.95% in DCB Bank.
DCB Bank is engaged in providing banking and financial services. Its net profit jumped 25.4% to Rs 142.21 crore on 25.8% rise in total income to Rs 1,301.61 crore in Q4 FY23 over Q4 FY22.
Last month, the bank said that its board has formed a search committee to identify a successor to the current managing director & CEO, Murali Natrajan, whose term ends on 28 April 2024.
|