Hot Pursuit     21-Sep-23
DCB Bank spurts as HDFC AMC gets RBI nod to buy 9.5% stake
DCB Bank surged 4.59% to Rs 129.75 after HDFC Asset Management Company secured the Reserve Bank of India's approval to acquire upto 9.5% of the paid-up share capital or voting rights of the bank.
This approval is subject to compliance with relevant banking regulations, guidelines, and statutes. HDFC Asset Management Company has been advised to acquire the shareholding in DCB Bank within one year, and failure to do so will result in the cancellation of RBI's approval. The AMC must also ensure that its aggregate holding in the bank does not exceed 9.5% of the paid-up share capital or voting rights at all times.

Earlier in July, RBI approved Tata Asset Management Private Limited (TAMPL) to acquire up to 7.5% of the paid-up equity capital of DCB Bank.

DCB Bank is engaged in providing banking and financial services. Its net profit jumped 30.7% to Rs 126.93 crore on 29.1% rise in total income to Rs 1344.68 crore in Q1 FY24 over Q4 FY23.

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