State Bank of India jumps on inking pact to acquire 40% stake in Commercial Indo Bank
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
State Bank of India is currently trading at Rs. 599.15, up by 7.05 points or 1.19% from its previous closing of Rs. 592.10 on the BSE.
The scrip opened at Rs. 598.15 and has touched a high and low of Rs. 599.75 and Rs. 592.50 respectively. So far 56694 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 629.65 on 15-Dec-2022 and a 52 week low of Rs. 425.00 on 08-Mar-2022.
Last one week high and low of the scrip stood at Rs. 606.00 and Rs. 586.20 respectively. The current market cap of the company is Rs. 534673.49 crore.
The promoters holding in the company stood at 57.50%, while Institutions and Non-Institutions held 35.47% and 7.03% respectively.
State Bank of India (SBI) has entered into an agreement to purchase of 40% stake in Commercial Indo Bank LLC (CIBL), Moscow held by Canara Bank. CIBL, Moscow is a joint venture of the Bank and Canara Bank in 60:40 ratio. Post-acquisition, the Bank will be holding 100% stake in CIBL. The transaction is likely to be completed on or before March 31, 2023.
Recently, RBI had approved the stake purchase and also accorded its approval for extension of timelines till March 31, 2023 to complete the transaction.
SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.
