State Bank of India to acquire balance stake in SBI Global Factors

State Bank of India (SBI) and SBI Global Factors (SBI GFL, a subsidiary of SBI) has entered into an agreement with SIDBI, Union Bank of India and Bank of Maharashtra, dated 02 September 2022, in relation to purchase of Equity Shares of SBIGFL held with SIDBI (6.53%), Union Bank of India (2.95%) and Bank of Maharashtra (4.34%). The transaction entail cash consideration of Rs 67.84 crore (Rs 30.70 per share).

SBI has acquired 13.82% equity of existing shareholders, that is 2,20,98,780 equity shares. Post investment, SBI will hold 100% shareholding in SBI Global Factors through subscription of 15,98,85,365 equity shares.

The transaction is expected to be completed in the month of September 2022.

Powered by Capital Market - Live News