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State Bank of India to buy out SBI Caps’ stake in SBICAP Ventures for Rs 708 cr

State Bank of India to buy out SBI Caps’ stake in SBICAP Ventures for Rs 708 cr

The stake acquisition from SBI Capital Markets is for better governance, the lender said

Business Today Desk
Business Today Desk
  • Updated Feb 6, 2024 4:30 PM IST
State Bank of India to buy out SBI Caps’ stake in SBICAP Ventures for Rs 708 crState Bank of India to buy out SBI Caps’ stake in SBICAP Ventures for Rs 708 cr

State Bank of India (SBI) has received permission from its central board to obtain 100% stake in SBICAP Ventures. The stake, owned by SBI Capital Markets, will be bought by SBI at a cost of Rs 708 crore, as announced on Tuesday.

SBICAP Ventures is a firm involved in asset and investment management, with assets under management amounting to Rs 33,055 crore as of December 2023, reported the bank in a regulatory filing.

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This acquisition aligns with the bank's agenda of better governance, SBI stated. Notably, the Reserve Bank of India (RBI) and Securities and Exchange Board of India (SEBI) have offered their consent to the acquisition.

On an arm's length basis, the proposed transaction is being made to ensure a fair deal. The completion of the acquisition is expected by February 25, 2024.

In the third quarter of the current fiscal year, SBICAP Ventures recorded a net profit of Rs 42.06 crore.

With inputs from PTI

Published on: Feb 6, 2024 4:30 PM IST
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