State Bank Of India To Buy Out SBI Caps' Stake In SBICAP Ventures Kolkata

New Delhi: State Bank of India on Tuesday announced that it has got the approval of the executive committee of its central board to acquire a 100 percent stake held by SBI Capital Markets in SBICAP Ventures.

The lender said the cost of the acquisition is Rs 708 crore. "...Executive committee of the central board of the bank has accorded final approval for acquiring 100 percent stake held by SBI Capital Markets Ltd in SBICAP Ventures Ltd by State Bank of India," the country's largest lender said in a regulatory filing. (Also Read: Tata Neu Set To Challenge Zomato And Swiggy In Food Delivery Market)

The bank said that SBICAP Ventures is engaged in the business of asset and investment management having assets under management (AUM) to the tune of Rs 33,055 crore as of December 2023. (Also Read: Paytm Denies Being In Talks With Jio Financial Services To Sell Wallet Business)

The stake acquisition from SBI Capital Markets is for better governance, the lender said. The proposed transaction of acquisition is being done on an arm's length basis. The RBI and SEBI have also accorded their approvals, the lender said.

According to the regulatory filing, the acquisition will be completed by February 25, 2024. In the third quarter of the current fiscal, SBICAP Ventures posted a net profit of Rs 42.06 crore.