"It is hereby informed that the Bank has received an exemption from the Securities and Exchange Board of India with respect to (i) lock-in of one year on the equity shares held by the promoter; and (ii) eligibility condition of one year from listing... in order to comply with the requirements of RBI Licensing Guidelines for Private Sector Banks," it said in a regulatory filing.
The Reserve Bank of India (RBI) had recently withdrawn its general permission to open new branches and froze the remuneration of the lender's MD and CEO Chandra Shekhar Ghosh till further notice as it was not able to bring down the shareholding of Non Operative Financial Holding Company (NOFHC) to 40 per cent, as required under the licensing condition.
The promoter holding in the bank currently stands around 82 per cent after a successful Initial Public Offer (IPO), launched in March this year.
Before IPO, the promoter holding in the bank was nearly 89 per cent.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
