New Delhi, Jul 5 (PTI) Private sector DCB Bank on Wednesday said it has received RBI approval to sell up to 7.5 per cent stake in the bank to Tata Asset Management Private Limited (TAMPL).

The acquisition of stake up to 7.5 per cent of the paid-up equity capital of the bank would be through the schemes of Tata Mutual Fund, DCB Bank said in a regulatory filing.

Also Read | Maharashtra Rain Forecast: Officials Issue Red Alert of Excessive Rainfall in Raigad District.

The approval is valid for a period of one year from the date of RBI letter dated July 5, 2023, it said.

"The aforesaid approval by the RBI is subject to compliance with the relevant provisions of Banking Regulation Act, 1949, Master Direction and Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies dated January 16, 2023 issued by RBI, provisions of the regulations issued by Securities and Exchange Board of India, provisions of the Foreign Exchange Management Act,1999 and any other guidelines, regulations and statutes as applicable," it said.

Also Read | Shooting During US Independence Day 2023 Celebrations: 9 People Shot and Wounded in Washington DC While Enjoying Fourth of July Holiday.

TAMPL is also advised by the RBI to ensure that its aggregate shareholding in the bank shall not exceed 7.5 per cent of the paid-up capital of the bank at all times, it said.

(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)