BackSBI sells 4% stake in Cibil for around Rs72 crore
SBI sells 3% stake in Cibil to IIFL India Alternatives and 1% to India Infoline Finance
Premium(Cibil is the largest and the oldest credit bureau in the country having entered the market in 2000. )
Mumbai: State Bank of India (SBI) has sold 4% stake in the largest credit information company Credit Information Bureau India Ltd (Cibil) for an estimated ₹ 72 crore.
“We had 10% stake in Cibil and have sold 4% to two IIFL subsidiaries," SBI deputy managing director and chief financial officer P.K. Gupta told PTI.
Cibil is the largest and the oldest credit bureau in the country having entered the market in 2000. It claims to enjoy almost 90% of the credit information market in India which has three other players—Experian, Equifax and HighMark. The US-based TransUnion International owns a 55% stake in the company. The rules allow 74% FDI in credit information companies.
SBI has sold 3% of its stake in Cibil to IIFL India Alternatives, a private equity fund of the India Infoline group and 1% to India Infoline Finance, the NBFC arm of IIFL.
Gupta did not divulge the amount raised by the bank. However, according to market sources, the value of 4% stake could be around ₹ 72 crore. At this price, the Cibil has a valuation of close to ₹ 1,800 crore.
Shareholders in Cibil include SBI, ICICI Bank (6%), Bank of India, Bank of Baroda, Union Bank of India, Indian Overseas Bank, HSBC (5% each) and Aditya Birla Trustee Company (4%).
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
