India's third-largest asset manager was granted regulatory approval to raise stakes in Karur Vysya Bank Ltd, DCB Bank Ltd, Equitas Small Finance Bank Ltd, Federal Bank Ltd, and City Union Bank, the lenders said in separate exchange fillings.
"Taking RBI permission is part of a well-followed procedure by bank-sponsored AMCS and others before crossing the 5% shareholding mark, as getting approval is a time-consuming affair," an HDFC AMC official said on condition of anonymity.
"If the banks concerned come up with a QIP (qualified institutional placement) or a block deal, it is not possible to acquire more. That said, getting permission doesn't automatically imply that we will increase our existing stake," the official further said.
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