DCB Bank Shares Rally 8% As Tata AMC Gets RBI Nod To Raise Stake in Lender - News18
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Last Updated: July 06, 2023, 12:27 IST DCB Bank Share Price: Shares of DCB bank rose nearly 8 per cent in the early trading on Thursday after Tata Asset Management Company (AMC) received a regulatory nod to increase its stake in the lender. The stock price of the bank jumped as much as 7.98 per cent to an intraday high of Rs 131.15 apiece on the BSE. “We would like to inform you that the Bank has received an intimation from RBI on July 5, 2023, that it has granted its approval to Tata Asset Management Private Limited (TAMPL) to acquire aggregate holding of up to 7.5 per cent of the paid-up equity capital of the Bank through the schemes of Tata Mutual Fund," DCB Bank said in an exchange filing. The approval is valid for a period of one year from the date of the RBI letter. RBI also advised Tata AMC to ensure that its aggregate shareholding in the DCB Bank shall not exceed 7.5 per cent of the paid-up capital of the bank at all times. At 9.31 am, the stock was trading 6.