Yes Bank stock surge 13% after HDFC Bank acquire 9.5% stake
the Reserve Bank of India (“RBI”) dated February 5, 2024,that it has accorded its approval to HDFC Bank Limited (“Applicant”) for acquiring aggregate holding of up to 9.50% of the paid-up share capital or voting rights of the Bank.
The RBI, while granting the above referred approval has also conveyed that if the Applicant
fails to acquire major shareholding within a period of 1 (one) year from the date of aforesaid RBI letter, the approval shall stand cancelled. Further, the Applicant shall 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. 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.
