FIMBank plc - Sale of shareholding in GTF

FIMBank plc announced on 28 March 2008 that it concluded the sale of its 38.5% shareholding in Global Trade Finance Limited to State Bank of India.

FIMBank held 29,700,000 ordinary shares in GTF which were sold at a price of INR 73 per ordinary share, for a gross consideration of INR 2.168 billion, equivalent to circa US$55 million.

THe State Bank of India executed a Share Purchase Agreement with Export-Import Bank of India, the International Finance Corporation and FIMBank plc respectively to acquire their shareholdings in Global Trade Finance Limited. As a result, State Bank of India will hold 91% of the shareholding in Global Trade Finance Limited.

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