SBI is set to infuse Rs 229.52 crore and pick up an additional 20 per cent stake in its subsidiary SBI Pension Funds Limited.
SBI holds a 60 per cent stake in the company, which is a pension fund manager for the National Pension System (NPS). The remaining 40 per cent stake is equally held by SBI Funds Management (a joint venture between SBI and French asset management company Amundi) and SBI Caps.
Following the deal, which has the approval of the RBI and the PFRDA, the SBI’s stake will increase to 80 per cent. The number of shares held by SBI will rise from 1.8 crore to 2.4 crore after the acquisition of 20 per cent from SBI Caps.
The bank in a filing said that the acquisition, which is done with the objective of better governance, will be completed by December 15.
SBI Pension Fund’s net profit has grown from Rs 3.44 crore in 2021 to Rs 53.50 crore in 2023. As of October 30, net profit was Rs 35.03 crore. Assets under management have grown from Rs 2,22,615 crore in 2021 to Rs 3,39,006 crore in 2023 financial year.
SBI scrips rose to an intraday high of Rs 613.75 on Wednesday on the BSE after the announcement of the share purchase, before settling at Rs 608.10, down 0.05 per cent over the previous close.
