The transaction is subject to regulatory approvals and will get completed by Q4FY20.
Share prices of Bank of India, State Bank of India, Union Bank of India and Kotak Mahindra Bank rose in the morning trade on January 16 following their decision to sale stake in Equifax Credit Information Services (ECIS).
Bank of India and Union Bank of India executed a share purchase agreement (SPA) for the sale of their entire stake-- 3.5 percent and 4.17 percent, respectively--in ECIS.
Kotak Mahindra Bank sold its entire 5.56 percent stake while the State Bank of India approved divestment of its share of 7.41 percent.
The banks divested the stake at a price of Rs 67.43 per equity share and to be increased as per the terms of the share-purchase agreement.
ECIS is a credit information company that provides various services in accordance with the Credit Information Companies (Regulation) Act, 2005.
The transaction is subject to regulatory approvals and will be completed by Q4FY20.
At 0923 hours, Bank of India was quoting at Rs 69.40, up Rs 0.35, or 0.51 percent, and Kotak Mahindra Bank was quoting at Rs 1,688, up Rs 10.55, or 0.63 percent.Union Bank of India was quoting at Rs 52.70, up Rs 0.10, or 0.19 percent, and State Bank of India was quoting at Rs 326.60, up Rs 2.40, or 0.74 percent on the BSE.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.