HDFC acquires 9.89% stake in Bandhan Bank

New Delhi: Mortgage firm HDFC Ltd has acquired 9.89 per cent stake in Bandhan Bank as part of scheme of merger.

As many as 15.93 crore shares of the bank was transferred to HDFC, Bandhan Bank said in a regulatory filing.

Earlier this month, the bank merged with Gruh Finance, which brought down the shareholding of the promoter from 82.26 per cent to 60.96 per cent.

The merger was part of the stake dilution exercise to meet the Reserve Bank of India's (RBI) stipulation.

The RBI on Tuesday imposed a penalty of Rs 1 crore on Bandhan Bank for not bringing down the promoter shareholding to 40 per cent as per the central bank timeline.

The filing further said the scheme of merger between Gruh Finance, affordable housing finance company promoted by HDFC Ltd, and Bandhan Bank was approved by all the requisite authorities and the shareholders and creditors of both the merging companies.

The effective date of the scheme was October 17.

In accordance with the scheme of merger, 9.89 per cent stake of the total share capital of Bandhan Bank has been alloted to HDFC, it said.