Amalgamation / Merger of SBI Factors with GTFL

26 Jan 2009 07:00



The Executive Director,

The Bombay Stock Exchange Ltd., 24.01.2009

Phiroze Jeejeebhoy Tower,

25th Floor, Dalal Street,

Mumbai - 400 001 CO/S&B/SKT/2009/3808

Dear Sir/Madam,

LISTING AGREEMENT: CLAUSE 36

AMALGAMATION/MERGER OF SBI FACTORS & COMMERCIAL SERVICES 

PVT. LTD. (SBI FACTORS) WITH GLOBAL TRADE FINANCE LTD. (GTFL)

In terms of Clause 36 of the Listing Agreement, we advise that the Central Board of State Bank of India (SBI) and Boards of SBI Factors & Commercial Services Pvt. Ltd. (SBI Factors) and Global Trade Finance Ltd. (GTFL),( both Subsidiaries of SBI) have decided to amalgamate/ merge SBI Factors with GTFL, subject to necessary regulatory approvals. 

2. Both these companies are in the business of factoring of receivables. SBI had acquired a majority shareholding in GTFL in March 2008 and at present holds 92.60% shares in GTFL . In SBI Factors, SBI and SBI group hold 64% & 70% shareholding respectively.

Yours faithfully,

Sd/-

General Manager

Copy forwarded for information to:

1.The Executive Director, Calcutta Stock Exchange Association Limited, 7, Lyons Range, Kolkata 700 001.

2.The Executive Director, Madras Stock Exchange Ltd.,Exchange building, 11, Second Line Beach, Chennai 600001.

3.The Executive Director, The Delhi Stock Exchange Association Limited, DSE House, 3/1 Asaf Ali Road, New Delhi -110 022

4.The Executive Director, Ahmedabad Stock Exchange Ltd., Kamdhenu Complex, Opp. old Sachivalya, Ahmedabad - 380 015.

5.The Managing Director, National Stock Exchange of India Ltd., Exchange Plaza, 5th Floor, Plot No.C/1, G Block, Bandra-Kurla Complex, Bandra(E), Mumbai - 400 051

General Manager