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SBI JV to appoint consultants to study viability of merger

Author: IANS/Wednesday, March 28, 2018/Categories: Banking & Financial Services

SBI JV to appoint consultants to study viability of merger

Mumbai, March 27 - India's largest bank State Bank of India on March 27 said the board of its joint venture firm SBI Cards &Payment Services Pvt Ltd has approved appointment of consultants for conducting a study exploring the possibility of merging the joint venture entities.

The study would be done to examine the "viability of considering and exploring the possibility" of merging the SBI Business Process Management Services Pvt Ltd with frontend company, SBI Cards & Payment Services Pvt Ltd.

"We advise that the SBI Card JV board in its meeting held on March 26, 2018 approved the appointment of consultants for conducting a study to examine the viability of considering and exploring the possibility of merging the JV entities," the SBI said in a regulatory filing.

It also said its committee of directors for capital raising on March 27 accorded approval to issue over 29.25 crore equity shares to government at a price of Rs 300.82 each against a capital infusion of over Rs 8,799.99 crore.

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Kavita Giridhar Mallya

IANS

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