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The Executive Committee of State Bank of India’s Central Board on Wednesday accorded its approval to SBI Capital Markets Ltd (SBICAP), the Bank’s wholly-owned investment banking subsidiary, to invest in lnvestec Capital Services lndia Pvt Ltd to form a joint venture (JV) entity.
Simultaneously, SBICAP Securities Ltd’s (SSL) lnstitutional Equities Broking and Research Business will be transferred to the proposed JV entity, SBI said in a regulatory filing. SSL is a subsidiary of SBICAP.
The bank did not disclose the value of the investment that SBICAP will make in lnvestec Capital Services lndia or the valuation at which it will transfer SSL’s lnstitutional Equities Broking and Research Business to the proposed JV.
lnvestec Capital Services lndia Pvt Ltd is a subsidiary of UK-based Investec Plc, which provides merchant banking and stock broking services.
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