The Indian state bank (SBI), the largest public sector lender in the country, December 30 announced the acquisition of 9.95 percent in India Exchange International (IFSC).
In the submission of regulations, SBI said 9.95 percent of the shares in IFSC were “to obtain submit to the maximum investment of RS. 34.03 Crore”.
“The initial subscription is expected to be completed on March 31, 2022. After that, the clearing company can call residual commitments from the SBI in accordance with the transaction and legal documents that apply,” the bank told the stock exchange.
In particular, IFSC is the first exchange to be arranged at the International Finance Center for Gujarat International Finance (IFSC Prize). It was inaugurated by Prime Minister Narendra Modi in 2017.
This exchange is rated and cleaned and settled the index and derivative of a single stock, commodity derivatives, currency derivatives and debt securities.
On the day when the SBI announced the acquisition of 9.95 percent of the shares in IFSC, bank shares were closed at a price of Rs 451.80 respectively, down 0.54 percent compared to the previous day.
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