The Executive Committee of the Central Board (ECCB) of State Bank of India (SBI) has accorded final approval to the Bank for acquiring 20 per cent stake held by SBICAPS (SBI Capital Markets Ltd) in SBIPFPL (SBI Pension Funds Private Ltd).
The acquisition, which will be completed by December 15, 2023, is for a cash consideration of ₹229.52 crore, as per SBI’s regulatory filing. SBICAPS is a wholly-owned subsidiary of SBI.
Read more: SBI to acquire 20% stake in SBI Pension Funds from SBICAPS
The bank said regulators RBI and PFRDA have accorded their approval to the acquisition.
Post-acquisition, SBI will have 80 per cent stake in SBIPFPL, with the balance being held by SBI Funds Management Ltd. The latter is a joint venture of SBI (62.53 per cent) and Amundi (36.73 per cent).
As at March-end 2023, SBIPFPL had assets under management aggregating Rs 3,39,006 crore. It posted a net profit of Rs 53.50 crore in FY23.