Adb Picks Up 14.84 Per Cent Stake In Sbi Caps
It has also decided to infuse $5 million into SBI Gilts which was recently formed on a capital base of Rs 100 crore.
Asian Development Banks stake in the SBI subsidiary will be 17.5 per cent.
ADB signed two agreements for picking up stakes in SBI Caps and SBI Gilts on Tuesday.
It is also considering buying stakes in another State Bank subsidiary, SBI Securities.
Among those who attended the signing ceremony yesterday evening are Bong-Suh Lee, vice president of ADB, P G Kakodkar, chairman of State Bank of India and A R Barwe, managing director of SBI Caps.
The price offer by Asian Development Bank has since firmed up both because SBI Caps has pulled itself out of the controversy and spread out into other forms of business.
Our work in infrastructure funding including our role as advisor to the power ministry and our overall growth is the reason for price appreciation, R Krishnamurthy, general manager at the New Delhi office of SBI Caps, said.