State Bank of India Buying Another 20% Stake in SBI Pension Funds
IANS 06 December 2023
State Bank of India has stated in a regulatory filing that it plans to acquire an additional 20% stake in SBI Pension Funds for Rs229.52 crore.
SBI already owns a 60% stake in SBI Pension Funds and the 20% that it will acquire from SBI Capital Markets, will take the bank's stake in SBI Pension Funds to 80 per cent. The acquisition will be completed on December 15.
SBI Funds Management holds the rest of the 20% stake in SBI Pension Funds.
SBI said that the RBI and the Pension Fund Regulatory and Development Authority (PFRDA) have approved the proposed acquisition. The bank also stated 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".
As of 30 October 2023, SBI Pension Funds has an AUM of Rs3.83 lakh crore.
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