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India`s biggest lender State Bank of India is mulling selling up to 10% stake in its proposed holding company for its life insurance and mutual fund businesses to institutional investors, reports Business Standard. SBI is planning to set up this holding company in next two-three months and even plans to list it in this financial year. The 10% stake, valued at about Rs 20 billion, would be sold to as many as four investors.(Source : My Iris) […] The IFCI Board on Saturday decided to invite expression of interest (EoI) for shortlisting a strategic investor. A large number of financial big-wigs like Barclays, Citigroup, Lehman Brothers, BNP Paribas, Deutsche Bank and other Indian banks are understood to be interested in picking up 26% equity in the company. The process of receiving EoIs would begin on August 13 and the last date for submitting EoIs would be September 14. The company expects the process of selection of a strategic investor to be over by January, a company official said. The lender has appointed Ernst & Young to look for the strategic investor. E&Y has been asked to suggest names of strategic investors and will help IFCI in carrying out modalities related with stake sale. […] |