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SBI Caps to help CBI sell IL&FS stake

Central Bank of India has appointed SBI Caps to identify a buyer for its stake in Infrastructure Leasing & Financial Services (IL&FS). The bank, one of the promoters of IL&FS, holds 8.34% stake in the company, which is unlisted. The other shareholders include LIC (25.34%), Orix Corporation of Japan (23.04%), Abu Dhabi Investment Authority (11.09%) and IL&FS Employees’ Welfare Trust (13.65%) besides HDFC, SBI and UTI AMC. Rajiv Rishi, CMD of the bank had said the divestment is one of the options for the bank to meet its capital requirements of around Rs 1500 crore in 2014-15. The bank also requires funds for meeting the Basel III norms.

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