The Reserve Bank of India has accorded its approval to ICICI Prudential Asset Management Company Ltd. (I-Pru AMC) and ICICI Prudential Life Insurance Company Limited (I-Pru Life) to acquire an aggregate holding of up to 9.95 per cent of the paid-up share capital or voting rights in RBL Bank Ltd.
The approval has been granted with reference to the application made by I-Pru AMC and IPru Life to the RBI.
“As per the RBI Letter, I-Pru AMC and I-Pru Life have been accorded the approval to acquire the aforesaid major shareholding in the Bank within a period of one year, i.e., by December 26, 2024, and to ensure that the aggregate holding in the Bank does not exceed 9.95% of the paid-up share capital or voting rights of the Bank at all times,” RBL said in a stock exchange disclosure.
Further in the event, if the aggregate holding falls below 5 per cent, prior approval from the RBI will be required to increase it to 5 per cent or more of the paid-up share capital or voting rights of the Bank. ICICI Group (including ICICI Prudential Life Insurance Co. Ltd. and ICICI Prudential Asset Management Company Limited) held 2.08 per cent of the equity share capital of the Bank as of December 22, 2023.