SBI, Coface in race for Global Fin stake

State Depository Financial Institution of Republic Of Republic Of India (SBI) and Coface, a planetary recognition coverage and factorization company headquartered in Paris, have got been shortlisted for purchasing the 52.5 per cent interest in India's prima factorization company, Global Trade Finance (GTF). The concluding bidder will be chosen in a week's clip and the trade is likely to fold by January end.

The boosters of GTF, Export-Import Depository Financial Institution of Republic Of India (Exim) and International Finance Corporation (Washington) had some calendar months back decided to sell their stake.

Exim Depository Financial Institution of Republic Of India and International Finance Corporation (Washington) currently throw 40 per cent and 12.5 per cent interest respectively. The other stockholders are FIM Depository Financial Institution Malta, with a 38.5 per cent stake, and Depository Financial Institution of Maharashtra (9 per cent).

A host of private equity players, foreign Banks and public sector Banks had evinced an involvement in purchasing into GTF. The investors who had submitted looks of involvements (EoIs) were JP Lewis Henry Morgan Financial, germanium Financial, Warbug Pincus, Actis (a private equity fund), Standard Chartered Bank, State Depository Financial Institution of Republic Of India and Coface.

The two boosters Exim Depository Financial Institution and International Finance Corporation American Capital will sell their interest to the concluding shortlisted participant between Rs 80 and Rs 110 a share. The trade will fold by the end of January, said an executive director stopping point to the development.

The sum equity of GTF is 7.7 crore shares. At a terms of Rs 110 a share, the trade is valued at Rs 900 crore.