ICICI Bank: HDFC Bank Approved to Acquire Up to 9.95% Stake

ICICI Bank Ltd. has received a copy of an RBI letter addressed to HDFC Bank Limited, granting approval for HDFC Bank to acquire an aggregate holding of up to 9.95% of the paid-up share capital or voting rights in ICICI Bank. This acquisition must be completed within one year from the date of the RBI approval letter, or the approval will be cancelled. The approval is subject to certain conditions, including compliance with relevant statutory and regulatory provisions.