SBI SBI buys 9.95 pc stake in India International Exchange (IFSC)
Mumbai/IBNS: India's largest public sector lender State Bank of India (SBI) announced the acquisition of 9.95 percent in India International Exchange (IFSC).
The 9.95 percent stake in IFSC is "to be acquired subject to a maximum investment of Rs. 34.03 crore", SBI said in a regulatory filing.
"Initial subscription is estimated to be completed by 31st March 2022. Thereafter, the Clearing Corporation may call up the residual commitment from SBI in accordance with the transaction documents and applicable law," the bank informed the stock exchanges.
IFSC was inaugurated by Prime Minister Narendra Modi in 2017. It is the first exchange to be established at the Gujarat International Finance Tec-City's International Financial Services Centre (GIFT IFSC) in Gandhinagar.
The exchange is AAA-rated and clears and settles index and single stock derivatives, commodity derivatives, currency derivatives and debt securities, according to a Money Control report.
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