| | SEPTEMBER 20229State Bank of India (SBI) on said SBI Global Factors has become its 100 percent subsidiary as the country's biggest lender has acquired about 14 percent stake from other shareholders. SBI has acquired 13.82 percent equity of existing shareholders i.e., SIDBI (6.53 percent), Bank of Maharashtra (4.34 percent), Union Bank of India (2.95 percent), a regulatory filing said.SBI paid Rs.67.84 crore for the acquisition of 13.42 percent stake in SBI Global Factors (SBIGFL), it said. State Bank of India and SBI Global Factors has separately taken approval of Reserve Bank of India for acquisition of shares and change of control in management, it said. SBIGFL is a non-banking financial company. It provides domestic and export factoring services. During 2021-22, the SBIGFL turnover was Rs.4,773 crore, while it earned a profit of Rs.25.26 crore. SBI acquires 100 percent stake in SBI Global FactorsIN FOCUSState Bank of India and SBI Global Factors has separately taken approval of Reserve Bank of India for acquisition of shares and change of control in management
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