SBI Picks Up 7.45% Stake in NHAI-backed Raajmarg Infra Investment Managers

State Bank of India has subscribed to 510,000 equity shares of Raajmarg Infra Investment Managers Pvt. Ltd. through a rights issue, giving it a 7.45% stake in the Delhi-based asset management company. Post-acquisition, SBI will hold a total of 1.49 million shares in the firm.

The investment aims to support the formation of the company, which will act as an investment manager for a proposed public Infrastructure Investment Trust (InvIT) to be sponsored by the National Highways Authority of India, SBI said in an exchange filing.

SBI acquired the shares at a face value of ₹10 each. The transaction is expected to be completed by December 31. Raajmarg Infra Investment Managers was incorporated on August 22 and is yet to commence commercial operations.