State Bank of India (SBI) will acquire SBICap Ventures for Rs 708 crore, a filing from the banks said on Tuesday.
The executive committee of the central board of the bank has allowed it to acquire the entire stake held by SBI Capital Markets in SBICap Ventures, subject to receipt of all regulatory approvals.
SBI will acquire 60.4 million shares of SBICap Ventures, the exchange filing said.
SBICap Ventures was set up in 2005 to carry out the business of asset management, investment management advisors, and provide venture capital, technology funds, or any other funds for seed capital, risk capital foundation, loans etc. As on March 31, it had an assets under management of Rs 330.5 crore.