Shares of Equitas Small Finance Bank (SFB) hit a 52-week high of Rs 63.90 on the BSE in Wednesday’s intraday trade after the Reserve Bank of India (RBI) approved SBI Funds Management Ltd (SBIFML). But there was a rally of 7%. It plans to acquire up to 9.99% of the paid-up equity capital of the bank through the schemes of the SBI Mutual Fund (SBIMF).

The stock surpassed the previous high of Rs 63.10 on December 13, 2022. The stock was up 5% at 62.40 at 9:49 am, while the S&P BSE Sensex fell 0.36%. Average over-the-counter volume more than doubled, with 7.8 million shares changing hands on the NSE and BSE.

In a filing to the exchange on Tuesday, Equitas SFB said the bank had received a notification from the Reserve Bank of India on January 3, 2023, agreeing to SBIFML’s acquisition of up to 9.99% of the bank’s paid-up share capital through SBIMF’s scheme.

SBI Large & Midcap Fund holds a 3.09% stake in Equitas SFB as of September 30, 2022.

Meanwhile, Equitas SFB has gained 28% over the past three months, while the S&P BSE Sensex has gained 5%. Plus, it’s up 60% over the past six months, compared with a 15% gain for the benchmark index. The stock hit an all-time high of Rs 77 on July 12, 2021.

Shares of Equitas SFB promoter Equitas Holdings also touched a 52-week high of Rs 136.60 in intraday trade on the BSE today.