Bank Muscat, whose shares surged as much as 8.5 percent on Sunday, has no plans to sell any stake in HDFC after India's third-biggest lender agreed to buy Centurion Bank of Punjab.

"We have no such plans," said a Bank Muscat official, who did not want to be identified, when asked about any plans to sell its smaller stake in HDFC after its takeover of Centurion.

Bank Muscat owns 14.02 percent of Centurion Bank, according to Indian stock exchange data, which will convert into between
2.5 percent and 3 percent of HDFC after the agreed takeover.

HDFC Bank agreed on Saturday to buy Centurion Bank of Punjab in an all-share deal in the nation's biggest financial sector buyout. -Reuters