Bank Muscat to sell 0.5pc stake in HDFC Bank

Mumbai, Jun 16: Bank Muscat announced on Tuesday, Jun 16 that it is planning to sell its remaining holding in India's second largest private sector lender HDFC Bank within a month.

In a regulatory filing with the Muscat Stock Exchange, the bank's board of directors have confirmed its intention to dispose remaining 0.5 pc holding in HDFC Bank. Oman's biggest lender further said, "Subject to market conditions and other disposal criteria, we expect the sale process to conclude within the next thirty days."

As of Dec 31, 2008, Bank Muscat held 9,051,724 equity shares, representing 2.13 pc stake in HDFC Bank. In March the Bank Muscat had sold 81 pc of its holding in the Indian lender.

OneIndia News