SBI Bolsters Presence in GIFT City with Acquisition of Stake in CCIL IFSC

In a strategic move to expand its foothold within the Gujarat International Finance Tec City (GIFT City), the State Bank of India (SBI) has finalized the acquisition of a 6.125% stake in CCIL IFSC Limited. The transaction, valued at ₹6.125 crore, marks SBI’s commitment to enhancing its role in the International Financial Services Centre (IFSC) at GIFT City.

Key Details

Stake Acquisition

SBI has executed transaction documents to acquire 6.125% stake in CCIL IFSC Limited, translating to 61.25 lakh equity shares at ₹10 each.

Strategic Implications

CCIL IFSC will serve as a crucial entity operating the foreign currency settlement system and functioning as a clearing house and system operator within the IFSC at GIFT City.

Capital Structure

CCIL IFSC, with an authorized and paid-up capital of ₹200 crore and ₹100 crore respectively, signifies a robust financial framework to support its operations.

Promoter’s Shareholding

The Clearing Corporation of India Ltd (CCIL) is spearheading CCIL IFSC, retaining a majority stake of 57.125% in the newly established entity.

Timeline and Completion

The indicative timeline for the completion of the transaction is set at up to six months from the date of execution of transaction documents. This acquisition underscores SBI’s strategic vision to deepen its presence in the burgeoning financial landscape of GIFT City.