SBI acquires 6.125% stake in CCIL IFSC, strengthens presence in GIFT City

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State Bank of India (SBI) has executed transaction documents to acquire a 6.125 per cent stake in CCIL IFSC Limited for ₹6.125 crore.

CCIL IFSC, which will be incorporated with an authorised and paid-up capital of ₹200 crore and ₹100 crore, respectively, will operate the foreign currency settlement system and act as a clearing house and system operator at the International Financial Services Centre (IFSC) within the Gujarat International Finance Tec City (GIFT City).

The indicative period for completion of the transaction (acquisition of 61.25 lakh equity shares at ₹10 each) is up to six months from the date of execution of transaction documents.

The Clearing Corporation of India Ltd (CCIL) is promoting CCIL IFFSC. CCIL will have a 57.125 per cent stake in the proposed company.

At the group level, SBI has 21.30 per cent stake in CCIL (SBI: 16.80 per cent and SBI-DFHI: 4.50 per cent).