SBI acquires 9.95% stake in India International Exchange (IFSC)

State Bank of India (SBI), the country's largest public-sector lender, December 30 announced the acquisition of 9.95 percent in India International Exchange (IFSC).

In a regulatory filing, SBI said the 9.95 percent stake in IFSC is "to be acquired subject to a maximum investment of Rs. 34.03 crore".

"Initial subscription is estimated to be completed by 31st March 2022. Thereafter, the Clearing Corporation may call up the residual commitment from SBI in accordance with the transaction documents and applicable law," the bank informed the stock exchanges.

Notably, IFSC is the first exchange to be set up at the Gujarat International Finance Tec-City's International Financial Services Centre (GIFT IFSC). It was inaugurated by Prime Minister Narendra Modi in 2017. ​

The exchange is AAA-rated and clears and settles index and single stock derivatives, commodity derivatives, currency derivatives and debt securities.

On the day when SBI announced the acquisition of 9.95 percent stake in IFSC, the bank's shares closed at a price of Rs 451.80 apiece, down by 0.54 percent as compared to the previous day.