ICICI Prudential AMC approved to buy up to 9.95% stake in four banks including Kotak
The Reserve Bank of India has granted ICICI Prudential Asset Management Company approval to acquire a combined holding of 9.95% across four banks, including Kotak Mahindra Bank.
ICICI Prudential Asset Management Company received final clearance from the Reserve Bank of India on September 8 to purchase shares totaling up to 9.95% in four specific banking institutions. The approved entities are CSB Bank, DCB Bank, Kotak Mahindra Bank, and AU Small Finance Bank. This decision was filed as an official exchange submission on September 9. The RBI explicitly allowed the acquisition of up to 9.95% of the paid-up equity capital or voting rights in each institution. Regulatory frameworks cited include the Commercial Banks - Acquisition and Holding of Shares or Voting Rights Directions, 2025. The approval comes with conditions requiring full adherence to all relevant statutory rules. ICICI Prudential AMC stated the purchases will be executed on behalf of mutual fund schemes rather than as a direct proprietary holding for the company. These activities cover strategies under Specialised Investment Funds, Alternative Investment Funds, and Portfolio Management Services. The four selected banks span different segments within the Indian banking sector. No other details regarding transaction timelines or specific purchase amounts were disclosed in the public filing.
