HDFC acquires 9.89 pc stake in Bandhan Bank

Mortgage firm HDFC Ltd has acquired 9.89 percent stake in Bandhan Bank as part of scheme of merger. As many as 15.93 crore shares of the bank were transferred to HDFC Ltd, Bandhan Bank said in a regulatory filing.

Earlier this month, the bank merged with Gruh Finance, which brought down the shareholding of the promoter from 82.26 percent to 60.96 percent. The merger was part of the stake dilution exercise to meet the Reserve Bank of India's (RBI) stipulation.

The RBI on Tuesday imposed a penalty of Rs 1 crore on Bandhan Bank for not bringing down the promoter shareholding to 40 percent as per the central bank timeline. The filing further said the scheme of merger between Gruh Finance, affordable housing finance company promoted by HDFC Ltd, and Bandhan Bank was approved by all the required authorities and the shareholders and creditors of both the merging companies.

The effective date of the scheme was October 17. In accordance with the scheme of merger, a 9.89 percent stake of the total share capital of Bandhan Bank has been allowed to HDFC Ltd, it said.