State Financial institution of India (SBI) has acquired permission from its central board to acquire 100% stake in SBICAP Ventures. The stake, owned by SBI Capital Markets, will likely be purchased by SBI at a price of Rs 708 crore, as introduced on Tuesday.
SBICAP Ventures is a agency concerned in asset and funding administration, with property underneath administration amounting to Rs 33,055 crore as of December 2023, reported the financial institution in a regulatory submitting.
This acquisition aligns with the financial institution’s agenda of higher governance, SBI said. Notably, the Reserve Financial institution of India (RBI) and Securities and Change Board of India (SEBI) have provided their consent to the acquisition.
On an arm’s size foundation, the proposed transaction is being made to make sure a good deal. The completion of the acquisition is anticipated by February 25, 2024.
Within the third quarter of the present fiscal yr, SBICAP Ventures recorded a web revenue of Rs 42.06 crore.
With inputs from PTI
