Pricol moves CCI over Minda plan to buy 24.5% stake

Auto parts maker Pricol has expressed its objection to the Competition Commission of India on Minda Corp’s plan to buy 24.5% stake in the company. In the seventh episode of Corporate Central, we had told you that Minda had sought approval from the CCI to buy an additional 24.5 per cent stake in Pricol, its biggest rival, in the 2 wheeler instrument cluster business. The promoters, who hold 36.53 per cent stake in Pricol, had objected to the purchase saying they do not have plans to sell. Minda Corp had said in February that this deal is only a financial investment and the market also believed that Minda Corp would buy up to 26 per cent stake in Pricol.

RBI allows SBI Funds to buy up to 9.99% stake in HDFC Bank
The Reserve Bank of India (RBI) has given SBI Funds Management (SBIFML) -a joint venture between State Bank of India and France’s AMUNDI, permission to purchase up to a 9.99% stake in HDFC Bank and has recommended the company to do so within six months. The permission has been given in tandem to the application submitted by SBIFML to RBI, according to the HDFC Bank, which added that the approval is subject to a few conditions. The RBI asked SBIFML to purchase the aforementioned substantial stake in the bank within six months, or by November 15, 2023, the bank stated. Additionally, according to the RBI, SBIFML must make sure that its total stake in HDFC Bank never exceeds 10% of the bank’s paid-up share capital or voting rights.