Latest News | SBI to Acquire SBI CAPS Subsidiary for Rs 708 Cr

New Delhi, Feb 6 (PTI) State Bank of India (SBI) on Tuesday said it will acquire SBI CAPS subsidiary for Rs 708.07 crore.

SBI plans to acquire 100 per cent of SBICAPS Venture Ltd (SVL) for which all regulatory approvals are in place, the bank said in a filing.

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SVL which is in asset management and investment management has assets under management of Rs 33,055 crore at the end of December 2023.

During the nine months, the company recorded a net profit of Rs 42.06 crore.

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The proposed transaction of acquisition is being done on an arm's length basis, it said.

The acquisition will be completed by February 25, 2024, it added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)