New Delhi, Jul 26 (IANS): Mahindra & Mahindra announced on Wednesday that it has acquired a 3.53 per cent stake in RBL Bank as an investment at a cost of Rs 417 crore.

"We may consider further investment subject to pricing, regulatory approvals and required procedures. However, in no circumstance will it exceed 9.9 per cent," M&M said in a filing.

The RBL Bank, in a communication, said that the holding of Mahindra & Mahindra Ltd, as per the last beneficiary position as on July 21, 2023 as received from the depository (NSDL), is 3.53 per cent of the total paid up share capital of the bank.

"We, being a listed company, for trading in the shares of the Bank there is no pre-approval required from the Bank except for the fact that as per the Master Direction – Reserve Bank of India (Acquisition and Holding of Shares or Voting Rights in Banking Companies) Directions, 2023, any shareholder who wishes to acquire 5 per cent or more of the shareholding of the Bank is required to make an application to Reserve Bank of India to seek their prior approval for such acquisition. No such application has been received by us till date," the bank said.