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May 29, 2001
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Money > Business Headlines > Report May 29, 2001 |
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SBI Caps scouting for foreign partnerBS Banking Bureau State Bank of India is looking for a foreign equity partner for its merchant banking arm-SBI Capital Markets. The roping in of a foreign partner should help SBI Caps bag the mandate for cross-border acquisitions and the growing American depository receipts and global depository receipts issues. "We are seriously looking for a foreign partner in SBI Caps. We have not as yet identified any investment bank (for offloading part of the stake). The deal can be struck as early as within a month or it may take longer," SBI chairman Janaki Ballabh said. The bank is also said to be undertaking a valuation of the merchant banking arm. The agreement with Asian Development Bank, which had picked up 13.84 per cent equity in SBI Caps in 1997, had stipulated that SBI should bring down its stake to below 50 per cent by 1999. SBI Caps should also have gone public by that time. However, it has bought time from ADB since capital market conditions have not been very conducive lately. SBI Capital Markets managing director Birendar Kumar said the bank was closely looking at some investment banks in Europe and the US for a possible equity tie-up, but refused to give further details. Powered by YOU MAY ALSO WANT TO READ:
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