Mumbai, 13 November (Udaipur Kiran)। Shares of State Bank of India (SBI) edged higher on Thursday after the bank announced that it has signed a Non-Binding Term Sheet with Care Ratings to acquire up to 9.90% stake in CareEdge Global IFSC (CGIL).
The stock opened at ₹955.70 and touched a high of ₹963.95, before trading at ₹963.90, up ₹6.55 or 0.68% from the previous close. The banking major currently commands a market capitalisation of ₹8,85,816.22 crore. Its 52-week range stands between ₹971.15 and ₹679.65.
Promoter holding in SBI is 55.50%, while institutions and non-institutions hold 37.35% and 7.13% respectively.
Under the pact, SBI will purchase 29,70,000 equity shares of CGIL for a consideration of up to ₹2.97 crore, subject to the signing of a definitive agreement. The transaction is expected to be completed within six months from the signing date.
CGIL is a full-service credit rating agency and the first CRA registered and authorised by the International Financial Services Centres Authority (IFSCA) in India.
SBI, the country’s largest lender, offers a comprehensive suite of services across personal banking, corporate banking, agriculture, rural banking, SME and NRI services.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.
