SBM India to divest up to 26% equity

NEW DELHI: SBM India, a subsidiary of State Bank of Mauritius, is looking to divest up to 26% of its equity in coming months, ED & CFO Amit Jagdhari told TOI on Monday.“We have approved in-principle the divestment plan. The process has just started and we have appointed EY as our investment banker. We are open to both private equity or family-owned capital. We have received some preliminary bids, though a timeline can’t be framed at this point, as we have to seek approvals from regulators as well,” said Jagdhari.The amount of capital to be raised, which has not yet been finalised, will be used “purely” for expansion.“The Mauritius parent is also very keen to grow the India footprint,” Jagdhari further added.The bank, which received universal banking licence from RBI in 2018, currently has 23 branches and manages assets of Rs 11,450 crore and is set to receive the second tranche of Rs 75 crore from its parent in Mauritius by Sept-end.