DEUTSCHE
ACQUIRES 4% IN HDFC BANK FOR RS 714 CR
Deutsche
Securities (Mauritius) - an FII belonging to the Deutsche
Bank group - acquired 4.05% equity in HDFC Bank for Rs 714
crore.
While
the transaction could well be on behalf of other investors,
it is also possible that the German banking group has taken
a toehold in India's most-profitable private sector bank,
and could step-up its holding as and when rules allow.
Under the present norms laid down by the Reserve Bank of India
(RBI), a foreign bank with branches in India can hold a maximum
5% stake in an Indian private bank.
Deutsche Securities bought 1.16 crore shares from India Private
Equity Fund (Mauritius), managed by JP Morgan Advisors at
Rs 615 a share.
The Deutsche Bank spokesman refused to comment on the deal.
Deutsche Bank India chief Gunit Chadha said he was not aware
of the deal.
