Bank of Maharashtra says that it is interested in picking up International Finance Corporation's (IFC) 10% stake in Global Trade Finance (GTF). IFC has proposed to reduce its stake in GTF from 25% to 15%, Bank of Maharashtra said, adding that it has received an offer to take this 10% equity stake. The Pune-based bank, which recently completed its listing on the stock exchanges, has approached the Ministry of Finance and the Reserve Bank of India (RBI) for their approval.
The proposal to acquire IFC's 10% stake in GTF was considered and approved by the bank's Board of Directors at its meeting held on January 31.
The bank plans to invest Rs45m in the equity of GTF with minimum premium of 25% or at a premium as approved and accepted by EXIM Bank subject to the bank's investment not exceeding Rs60m.
