New Delhi, Jul 26 (PTI) Mahindra & Mahindra on Wednesday acquired a 3.53 per cent stake in RBL Bank for Rs 417 crore and said it could make further investments without exceeding 9.9 per cent stake.

"We have acquired a 3.53 per cent stake in RBL Bank as an investment at a cost of Rs 417 crore," Mahindra & Mahindra said in a regulatory filing.

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The company further said, "We may consider further investment subject to pricing, regulatory approvals and required procedures. However, in no circumstance will it exceed 9.9 per cent (stake)."

In a separate filing, in response to a clarification sought by BSE, RBL Bank said, "...the holding of Mahindra & Mahindra Ltd as per the last beneficiary position as on July 21, 2023, as received from the depository (NSDL) is 3.53 per cent of the total paid-up share capital of the bank."

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(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)