The approval has been granted with reference to the application made by I-Pru AMC and IPru Life to RBI
FinTech BizNews Service
Mumbai, December 29, 2023: Reserve Bank of India (“RBI”) vide its letter dated December 27, 2023 as received by the RBL Bank vide email on December 28, 2023 has accorded its approval to ICICI Prudential Asset Management Company Limited (I-Pru AMC) and ICICI Prudential Life Insurance Company Limited (“I-Pru Life”), to acquire “aggregate holding” of up to 9.95% of the paid-up share capital or voting rights in RBL Bank Limited. The approval has been granted with reference to the application made by I-Pru AMC and IPru Life to RBI. The aforesaid approval granted by RBI is subject to the conditions mentioned therein including compliance with the relevant provisions of the Banking Regulation Act, 1949, RBI’s Master Direction and Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies dated January 16, 2023 (as amended from time to time), provisions of the Foreign Exchange Management Act, 1999, regulations issued by Securities and Exchange Board of India, and any other statutes, regulations and guidelines, as applicable.
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. Further in the event, 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. In this context, we wish to inform you that ICICI group (including ICICI Prudential Life Insurance Co. Ltd and ICICI Prudential Asset Management Company Limited) held 2.08% of the equity share capital of the Bank as of December 22, 2023.
