DSP Investment Managers has clarified that it is not buying any stake in Equitas Small Finance Bank (SFB) as reported by the media. It said that the approval received by the Reserve Bank of India (RBI) allows its mutual fund schemes to hold more than 5 per cent stake in Equitas SFB, which will soon merge with Equitas Holdings (EHL).
“As on date, various schemes of DSP Mutual Fund hold equity shares of EHL which upon merger would hold over 5 per cent of Equitas SFB. Hence, approval was sought from RBI which has been approved subject to certain conditions. We wish to reiterate that it is not DSP Investment Manager (the AMC), rather it is the individual schemes of DSP Mutual Fund that have collectively invested in Equitas Holdings,” the AMC said.
Based on the RBI approval, some reports had said that DSP Investment Managers is buying a 9.99 per cent stake in Equitas SFB. The reports had led to a sudden surge in Equitas SFB’s stock price on Thursday.