SBI Boosts Stake in SBI Pension Funds to 80% with INR 229.52 Crore Investment
![SBI Boosts Stake in SBI Pension Funds to 80% with INR 229.52 Crore Investment SBI Boosts Stake in SBI Pension Funds to 80% with INR 229.52 Crore Investment](https://bigbreakingwire.in/wp-content/uploads/sbi-logo-different8031914666842333871.png)
The State Bank of India (SBI) has announced plans to increase its stake in SBI Pension Funds by 20%, investing Rs 229.52 crore. Currently holding a 60% stake, the additional acquisition from SBI Capital Markets will raise SBI’s ownership to 80%, with SBI Funds Management retaining the remaining 20%.
The transaction, set to be finalized on December 15, received approval from both the Reserve Bank of India (RBI) and the Pension Fund Regulatory and Development Authority (PFRDA). SBI emphasized that the acquisition is conducted at an “arm’s length basis,” following a valuation report from Deloitte Touche Tohmatsu India.
As of October 30, 2023, SBI Pension Funds manages assets worth Rs 3.83 lakh crore. The move reflects SBI’s strategic expansion in the pension funds sector and aligns with regulatory approvals, positioning the bank as a significant majority stakeholder in SBI Pension Funds.
Stay informed with our financial updates, stocks, bonds, commodities. Get global & political insights. Follow us & enable notifications for the latest updates.