State Bank of India (SBI), on 5 December, announced its desire to acquire a 20% stake in SBI Pension Funds, which is held by SBI Capital Markets.
The company already owns a 60% stake in SBI Pension Funds, and with the successful completion of this transaction, the company will hold an 80% stake in the same. The remaining 20% stake in SBI Pension Funds is held by SBI Funds Management.
It is set to do the acquisition for a total consideration of Rs 229.52 crore.
In its regulatory filing, the company said the Reserve Bank of India (RBI) and the Pension Fund Regulatory and Development Authority (PFRDA) have also approved the acquisition proposal.
The company added, “They also added that the proposed transaction is being done at an arm’s length basis which is based on the valuation report of M/s Deloitte Touche Tohmatsu India.”
According to the State Bank of India, the acquisition will be completed on 15 December.