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  3. RBI Approves SBI Mutual Fund to Acquire Up to 9.99% Stake in Karur Vysy…

RBI Approves SBI Mutual Fund to Acquire Up to 9.99% Stake in Karur Vysya Bank

25 Aug 2024

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Key Takeaways

The RBI has approved SBI Mutual Fund's acquisition of up to 9.99% of Karur Vysya Bank, with strict regulatory conditions and timelines.

The RBI has approved SBI Mutual Fund's acquisition of up to 9.99% of Karur Vysya Bank, with strict regulatory conditions and timelines.

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SBI Fund Management

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Expert Analysis

RBI Approves SBI MF to Acquire 9.99% Stake in Karur Vysya Bank.

Expert Analysis:

  • RBI Approval: RBI approved SBI Mutual Fund to acquire up to 9.99% of Karur Vysya Bank's paid-up share capital or voting rights.

  • Ownership Structure: SBI holds a 63% majority stake in SBI Funds Management Pvt Ltd (SBIFMPL), while AMUNDI Asset Management owns the remaining 37%.

  • Approval Conditions: SBI Mutual Fund must secure the majority shareholding within one year, keep ownership below 9.99%, and seek new RBI approval if it drops below 5%. Failure to comply may lead to revocation.

Publisher:Times Now News