Federal Bank on Thursday said the Reserve Bank of India has accorded approval to ICICI Prudential Asset Management Company Ltd () for acquiring up to 9.95 per cent stake in the bank.
RBI accorded the approval subject to conditions on Thursday, Federal Bank said in a regulatory filing.
Muthoot Pappachan Group-backed Muthoot Microfin s IPO had opened for subscription on December 18. The NBFC provides micro-loans to women customers with a focus on rural regions of India
Muthoot Microfin s IPO received decent intreset from investors with the issue being subscribed 11.52 times. QIBs led from the front, as they bid 17.47 times their allotted quota.
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