Sbi Mutual Fund Gains Approval To Acquire Up To 9 99 Stake In Indusind Bank

Top Stories

Company

L&T Partners with PS Technology to Revolutionise Railways

6 mins read. August 2, 2024 at 12:45 PM

Company

Jindal Saw Q1 FY24 PAT Rises 67% to Rs 441 Cr

4 mins read. August 2, 2024 at 12:41 PM

Company

Pfizer Q1 FY25 PAT Zooms 61% to Rs 151 Cr

4 mins read. August 2, 2024 at 12:36 PM

Stock chart

SBI Mutual Fund to acquire up to 9.99% stake in Indusind Bank

ri-calendar-2-lineOct 12, 2023

By: BlinkX Research Team

FbkFbkTwitterTelegram

The Reserve Bank of India (RBI) has granted permission to SBI Mutual Fund to purchase a stake of up to 9.99% in IndusInd Bank, as per an official filing by the latter. SBI Mutual Fund has been directed to complete this acquisition by October 10, 2024. It is mandated to ensure that the total ownership in the bank never surpasses 9.99% of the paid-up share capital or voting rights at any given time.

 

The RBI's approval is contingent on adhering to relevant provisions of the Banking Regulation Act, 1949, and the RBI's guidelines on the acquisition and possession of shares or voting rights in banking entities. IndusInd Bank displayed robust financial performance in the first quarter of 2023-24, recording a net profit of Rs 2,124 crore, a 32% surge from Rs 1,603.29 crore in the previous year's June quarter. 

 

The bank's net interest income also grew to Rs 4,867.11 crore, marking a 17.98% increase compared to the year-ago period's Rs 4,125.20 crore. IndusInd Bank's shares closed at Rs 1,421.15, showing a marginal 0.01% rise ahead of the announcement on Wednesday, while the benchmark BSE Sensex recorded a 0.60% increase. In May, the RBI had granted approval to SBI Funds Management—a joint venture between the State Bank of India and France’s Amundi—to acquire a 9.99% stake in HDFC Bank, with a recommendation to do so within the next six months.

Related News

News Thumbnail
Company

L&T Partners with PS Technology to Revolutionise Railways

6 mins read. August 2, 2024 at 12:45 PM

News Thumbnail
Company

Jindal Saw Q1 FY24 PAT Rises 67% to Rs 441 Cr

4 mins read. August 2, 2024 at 12:41 PM

News Thumbnail
Company

Pfizer Q1 FY25 PAT Zooms 61% to Rs 151 Cr

4 mins read. August 2, 2024 at 12:36 PM

News Thumbnail
Company

NBCC Arm Gets Two Construction Projects Worth Rs 443.61 Cr

4 mins read. August 2, 2024 at 12:33 PM

Related Blogs

Stock chartDemat Account

Biggest Winners and Losers in MSCI: Key Movers in Global Indices 2025

0 people read

3 mins read . Aug 20, 2025

Stock chartMutual Fund

What MF Big Boys Bought and Sold – Top Mutual Fund Stock Activity in 2025

0 people read

8 mins read . Aug 18, 2025

Download app

Access BlinkX
everywhere
across device

Join the Future of Trading

with BlinkX

#ItsATraderThing

Open Trading Account
Verify your phone
+91
*By signing up you agree to our terms & conditions