DCB BANK: RBI APPROVES UP TO 9.95% STAKE ACQUISITION

DCB BANK: RBI APPROVES UP TO 9.95% STAKE ACQUISITION BY ICICI PRUDENTIAL AMC

The Reserve Bank of India (RBI) has approved ICICI Prudential Asset Management Company Limited to acquire an aggregate holding of up to 9.95% of the paid-up share capital or voting rights in DCB Bank Limited. The approval is subject to compliance with the Banking Regulation Act, 1949, applicable RBI directions, FEMA provisions, SEBI regulations and other relevant laws and regulations. ICICI Prudential AMC will be required to ensure that its aggregate holding in DCB Bank does not exceed 9.95% at any point in time. The regulatory approval provides the necessary clearance for ICICI Prudential AMC to proceed with the proposed stake acquisition, subject to applicable regulatory requirements. Impact: Positive — The RBI approval provides regulatory clearance for a potential strategic stake acquisition by a leading asset management company, which could support DCB Bank’s investor profile and provide a positive sentiment trigger.