SBI acquires 6.125% stake in CCIL IFSC

CCIL IFSC is made to operate the foreign currency settlement system and act as a clearing house and system operator at the International Financial Services Centre, GIFT City

SBI acquires 6.125% stake in CCIL IFSC

State Bank of India (SBI) has executed transaction documents to acquire a 6.125% stake in CCIL IFSC Limited for Rs 6.125 crore.

CCIL IFSC has been incorporated with an authorized and paid-up capital of ?200 crore and ?100 crore, respectively, and thus will be operated via the foreign currency settlement system and act as a clearing house and system operator at the International Financial Services Centre (IFSC) within the Gujarat International Finance Tec-City (GIFT City).

The period for completion of the transaction (acquisition of 61.25 lakh equity shares at Rs 10 each) is up to six months from the date of execution of transaction documents. The Clearing Corporation of India Ltd (CCIL) is promoting CCIL IFSC. The company will have a 57.125 percent stake.

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CCIL IFSC, has an authorized and paid-up capital of Rs 200 crore and Rs 100 crore, will operate the foreign currency settlement system at the International Financial Services Centre (IFSC) within the Gujarat International Finance Tec City (GIFT City).

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