State Bank of India (SBI) 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.
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.
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.
Source: Economic Times