RBI permits ICICI-Pru AMC and ICICI-Pru Life to acquire up to 9.95% stake in RBL Bank

The Reserve Bank of India (RBI) has given 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 per cent of paid-up share capital or voting rights in RBL Bank Limited.

The approval has been granted with reference to an application submitted by I-Pru AMC and I-Pru Life to RBI.

As per the RBI letter, I-Pru AMC and I-Pru Life have been accorded the approval to acquire the aforesaid shareholding in RBL Bank within a period of one year, i.e., by December 26, 2024, and to ensure that the aggregate holding in RBL Bank does not exceed 9.95 per cent of the paid-up share capital or voting rights of the bank at all times.

Further, if the aggregate holding falls below 5 per cent, prior approval of the RBI will be required to increase it to 5 per cent 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 per cent of the equity share capital of RBL Bank as of December 22, 2023,” RBL Bank said in a filing.