State Bank of India (SBI) on Friday said SBI Global Factors Ltd has become its 100 per cent subsidiary as the country’s biggest lender has acquired about 14 per cent stake from other shareholders.
SBI Global Factors Ltd (SBIGFL), a subsidiary of State Bank of India, is Non Banking Financial Company regulated by Reserve Bank of India. SBIGFL provides Domestic and Export Factoring services under one roof. It is headquartered in Mumbai with 09 Branches across India.
SBI has acquired 13.82 per cent equity of existing shareholders i.e., SIDBI (6.53 per cent), Bank of Maharashtra (4.34 per cent), Union Bank of India (2.95 per cent), a regulatory filing said. SBI paid Rs 67.84 crore for the acquisition of 13.42 per cent stake in SBI Global Factors Ltd (SBIGFL), it said.
State Bank of India and SBI Global Factors Ltd have separately taken approval of Reserve Bank of India for acquisition of shares and change of control in management, it said.
As reported during 2021-22, the SBIGFL turnover was Rs 4,773 crore, while it earned a profit of Rs 25.26 crore.
