The Reserve Bank of India has approved a proposal of SBI Funds Management to acquire 9.99 per cent equity shares in Equitas Small Finance Bank through various schemes managed by it.

The bank in a statement on Tuesday said the RBI has allowed SBI Funds Management to acquire shares of up to 9.99 per cent of the paid-up equity capital of the bank, subject to various regulations of SEBI and RBI.

“We would like to inform you that the bank has received an intimation from RBI on January 3 pursuant to approval by SBI Funds Management to acquire up to 9.99 per cent of the paid-up equity capital of the bank through the schemes of SBI Mutual Fund, said the bank.

The aforesaid approval by RBI is subject to compliance with the relevant regulations issued by RBI and SEBI and is valid for one year till January 2, 2024.

Shares of Equitas Small Finance Bank were down marginally by 0.58 per cent at ₹59.50 on Tuesday.

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