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

21 Sep 2022 , 01:33 AM

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 653Percentage Union Bank of India 295Percentage and Bank of Maharashtra 434Percentage The transaction entail cash consideration of Rs 6784 crore Rs 3070 per share SBI has acquired 1382Percentage equity of existing shareholders that is 22098780 equity shares Post investment SBI will hold 100Percentage shareholding in SBI Global Factors through subscription of 159885365 equity shares The transaction is expected to be completed in the month of September 2022