State Bank of India to Acquire 9.90% Stake in CareEdge Global IFSC Limited for Rs. 2.97 Crore

State Bank of India has signed a Non-Binding Term Sheet with Care Ratings Limited to purchase 29,70,000 equity shares of CareEdge Global IFSC Limited for acquiring a stake of upto 9.90%. The transaction is expected to be completed within 6 months from the date of the Non-Binding Term Sheet and will require regulatory approvals from the International Financial Services Centres Authority (IFSCA), and Reserve Bank of India. The CareEdge Global IFSC Limited is a full-service Credit Rating Agency (CRA) and the first CRA registered and authorized by the International Financial Services Centres Authority (India). The transaction is a cash consideration of Rs. 10 per share. The bank will acquire 29,70,000 equity shares, which is 9.90% of the company's stake.