SBI completes acquisition of 40% stake of Canara Bank in Commercial Indo Bank LLC

State Bank of India (SBI) has entered into an agreement dated 15th November 2022 in relation to purchase of 40% stake in Commercial Indo Bank LLC (CIBL), Moscow held by Canara Bank. Based on Share Sale Agreement and with the Consent of Central Bank of Russia, entire shares held by Canara Bank have been transferred to SBI on 30.11.2022.

Pursuant to the above, the entire purchase consideration equivalent to INR 121,29,14,133.00 has been remitted to Canara Bank today, i.e, 23.03.2023 completing the said transaction.

Shares of State Bank of India was last trading in BSE at Rs. 512.70 as compared to the previous close of Rs. 521.50. The total number of shares traded during the day was 455428 in over 10697 trades.

The stock hit an intraday high of Rs. 521.00 and intraday low of 511.90. The net turnover during the day was Rs. 235424463.00.

Source : Equity Bulls

Keywords

StateBankofIndia INE062A01020 SBIN Acquisition CommercialIndoBankLLC