Mumbai: State-run State Bank of India (SBI) has signed a non-binding term sheet with Care Ratings Limited to purchase 2,970,000 equity shares of CareEdge Global IFSC Limited (CGIL). The proposed acquisition will give SBI a stake of up to 9.90% in CGIL, pending the execution of a definitive agreement.
Investment Details and Timeline
The public sector bank plans an investment of up to ₹2.97 crore for acquiring its equity stake in CGIL. The transaction is expected to be completed within six months from the signing of the non-binding term sheet, subject to regulatory approvals.
Key approvals are required from:
- International Financial Services Centres Authority (IFSCA)
- Reserve Bank of India (RBI)
These approvals are mandatory before the share purchase can be finalized and the investment becomes effective.
About CareEdge Global IFSC Limited
CareEdge Global IFSC Ltd. was incorporated on April 29, 2024, and operates under the framework of international financial services in India. The company aims to offer global financial services and solutions to clients operating within India’s International Financial Services Centres (IFSCs).
Strategic Move for SBI
The proposed stake acquisition aligns with SBI’s strategy of investing in emerging financial service platforms and expanding its footprint in IFSC-based global financial services. By partnering with CareEdge, SBI aims to strengthen its position in cross-border finance and specialized financial services.
About SBI
State Bank of India (SBI) is India’s largest public sector bank and a leading financial services provider under the Ministry of Finance, Government of India. Headquartered in Mumbai, SBI offers a wide range of banking products and services, including retail, corporate, and international banking, and plays a critical role in promoting financial inclusion across India.
