Homepersonal finance News

    ICICI Prudential MF looking to acquire additional 5% stake in Federal Bank

    personal finance | IST

    ICICI Prudential MF looking to acquire additional 5% stake in Federal Bank

    Mini

    CNBC-TV18 has learnt that ICICI Prudential Mutual Fund is looking to acquire an additional 5 percent stake in Federal Bank.

    CNBC-TV18 has learnt that ICICI Prudential Mutual Fund is looking to acquire an additional 5 percent stake in Federal Bank.
    The mutual fund has already submitted a proposal with the Reserve Bank of India (RBI) for the hike in stake in the lender.
    Any entity which wishes to acquire more than 5 percent stake in a private bank, with a cap of 10 percent, has to go to RBI for approval.
    Once RBI approves, ICICI Prudential MF could be raising the stake through preferential issue which will happen through Federal Bank or open market or both.
    ICICI Prudential MF already holds about 4.84 percent in Federal Bank and with this additional 5 percent stake, they will be under that 10 percent mark mandated by the RBI.
    Watch accompanying video of CNBC-TV18’s Yash Jain for more details.
    Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
    next story

      Most Read

      Market Movers

      View All
      CompanyPriceChng%Chng