HSBC to acquire 14.71% of UTI Bank
By siliconindia | Thursday, 27 May 2004, 07:00 Hrs
MUMBAI: Reserve Bank of India has cleared Hongkong and Shanghai Banking Corporation's acquisition of 14.71 per cent stake in UTI Bank from CDC. "We have received the letter from RBI approving the acquisition of 14.71 per cent stake in UTI Bank," an HSBC spokesperson said here on Thursday. HSBC Asia Pacific Holdings (UK), a wholly-owned subsidiary of HSBC, in December last entered into an agreement to acquire 14.71 per cent stake in UTI Bank from CDC Financial Services (Mauritius) Ltd and South Asia Regional Fund for Rs 306 crore ($66.42 million). As per the agreement, HSBC also has an option to acquire an additional 5.37 per cent stake from CDC Financial Services (Mauritius) Ltd for Rs 112 crore ($24.26 million). Securities and Exchange Board of India had also exempted HSBC from making an open offer.