The transaction is expected to be completed within six months from the date of non-binding term sheet. 
The transaction is expected to be completed within six months from the date of non-binding term sheet. Shares of State Bank of India (SBI) are in news today after the lender said it has inked a Non-Binding Term Sheet with Care Ratings Limited to buy 29,70,000 equity shares of CareEdge Global IFSC Limited (CGIL).
SBI stock ended on a flat note at Rs 957.35 on Wednesday against the previous close of Rs 953.30. Market cap of the lender rose to Rs 8.83 lakh crore. Total 3.59 lakh shares changed hands amounting to a turnover of Rs 34.35 crore on BSE.
"We inform that State Bank of India has signed Non-Binding Term Sheet with Care Ratings Limited to purchase 29,70,000 equity shares of CareEdge Global IFSC Limited (CGIL) (pending execution of Definitive Agreement) for acquiring stake of upto 9.90 % in CGIL," said SBI.
The transaction is expected to be completed within six months from the date of non-binding term sheet.
CareEdge Global IFSC Limited is an arm of CARE Ratings.
SBI’s latest quarterly report shows a 3% year-on-year increase in net interest income to ₹42,985 crore, exceeding estimates. Net profit for the September quarter stood at ₹20,160 crore, up 10% from the previous year, further supported by a one-off gain of ₹4,593 crore from the sale of its stake in YES Bank.
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