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Banking | Private banks need approval for IPOs: RBI

Banking | Private banks need approval for IPOs: RBI
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First Published: Thu, Apr 22 2010. 12 16 AM IST
Updated: Thu, Apr 22 2010. 12 16 AM IST
Mumbai: The Reserve Bank of India on Wednesday said private sector banks must take its approval before raising capital through an initial public offer (IPO), preferential issues, or qualified institutional placement.
“Private sector banks need to approach Reserve Bank of India for prior ‘in principle’ approval in case of qualified institutional placements. Banks need to approach RBI along with details of the issue once the bank’s board approves the proposal of raising capital through this route,’’ said a notification from the central bank.
However, for bonus share and rights share issues, there is no need for any such approval, it said.
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First Published: Thu, Apr 22 2010. 12 16 AM IST