The largest public sector bank in the country, State Bank of India (SBI), acquired the 9.95% of the IFSC.
The IFSC stake is to be “acquired subject of maximum investment of ₹34.03 crores,” according to the SBI. The largest public sector bank in the country, announced on December 30, that they have acquired a 9.95% stake in the India International Exchange. SBI informed in a regulatory filing that this 9.95% stake in IFSC is to be acquired subject to a maximum investment of ₹34.03 crores.
According to the bank, “Initial subscription is estimated to be completed by 31 March 2022. Thereafter, the Cleaning Corporation may call up the residual commitment from SBI in accordance with the transaction documents and applicable law.”
IFSC is the first of its kind to be set up at the Gujarat International Finance Tec-City’s International Financial Services Centre (GIFT IFSC). Inaugurated by the PM of our country, Narendra Modi in 2017. This is an AAA-rated exchange that settles and clears single stock derivatives, index, commodity derivatives, currency derivatives, and debt securities.
On the day when SBI announced the acquisition of a 9.95% stake in IFSC, the bank’s shares closed at 0.54% lesser than the previous day, priced at ₹451.80 a piece.
According to research conducted by ICICI Direct for the top stocks to pick in India, in 2022, “The stock is in a major uptrend and any decline remains a buying opportunity.” The list also features:
Reliance Industries provides a fresh entry opportunity on a medium-term perspective.
PVR: there is a very high chance of fresh momentum coming back at it.
Apollo Hospitals: with liquidity flows likely to remain high, this stock could perform better.