Mumbai, March 15 (IANS) The country's largest lender the State Bank of India on Wednesday said its executive committee of the central board (ECCB) has approved infusion of additional capital upto Rs 1,160.04 crore in credit card JV companies -- SBI Cards & Payment Services and GE Capital Business Process Management Services Ltd.
The lender also said the capital infusion would be done through purchase of equity shares from GE Capital so as to increase the bank's stake in both the companies to 74 per cent.
"...the ECCB has given approval for infusing additional capital upto Rs 1,160.04 crore in credit card JV companies, namely SBI Cards & Payment Services and GE Capital Business Process Management Services Ltd, through purchase of equity shares from GE Capital," the lender said in a filing to BSE.
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