India's largest public sector bank on Thursday announced the acquisition of 9.95% stake in India International Exchange (IFSC).
In a stock exchange filing, State Bank of India (SBI) said that the 9.95% stake in IFSC is to be acquired subject to a maximum investment of Rs 34.03 crore.SBI said the investment is aimed at strengthening the financial markets infrastructure. It further said, lnitial subscription is estimated to be completed by 31st March 2022. Thereafter, the Exchange may call up the residual commitment from the bank in accordance with the transaction documents and applicable law.
lndia lnternational Clearing Corporation (IFSC) Limited is the first international clearing corporation set up at GIFT IFSC. lt acts as a central counterparty providing clearing & settlement and risk management services to lndia lnternational Exchange (IFSC). The clearing corporation is AAA rated and clears and settles index and single stock derivatives, commodity derivatives, currency derivatives and debt securities.
State Bank of India (SBI) is an Indian multinational, public sector banking and financial services statutory body. As of 30 September 2021, the Government of India held 57.62% stake in the bank.
The public sector bank posted a 66.7% rise in standalone net profit to Rs 7,626.57 crore on a 3.1% increase in total income to Rs 77,689 crore in Q2 FY22 over Q2 FY21.
Shares of SBI were trading 1.6% higher at Rs 459.05 on BSE.
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