Question
How much rupees will the State Bank of India (SBI)
invest to acquire a 20 percent stake in SBI Pension Funds?Solution
SBI to acquire 20 percent stake in SBI Pension Funds for Rs 230 crore. The Executive Committee of the Central Board (ECCB) of the State Bank of India (SBI) has accorded final approval to the Bank for acquiring 20 percent 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. Post-acquisition, SBI will have 80 percent stake in SBIPFPL, with the balance being held by SBI Funds Management Ltd. The latter is a joint venture of SBI (62.53 percent) and Amundi (36.73 percent). 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.
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