SBI buys 9.95% stake in India International Clearing Corporation

India's biggest public sector lender State Bank of India (SBI) on Thursday announced that it has picked up 9.95 per cent stake in India International Clearing Corporation (IFCC) Ltd for a maximum amount of Rs 34 crore.

The Clearing Corporation is a GIFT City (Gandhinagar, Gujarat) based Market Infrastructure Institution (MII).

The Corporation is the first international clearing corporation to be set up at Gujarat International Finance Tec-City (GIFT) International Financial Services Centre (IFSC). ​

As per the filing, the Clearing Corporation is AAA-rated and clears and settles index and single stock derivatives, commodity derivatives, currency derivatives and debt securities.

SBI also stated that the 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

On Thursday, shares of SBI closed 0.54 per cent lower at Rs 451.80 apiece on BSE.