ICICI Bank Stake Sale Update: Company Sells 19% Stake At About Rs 1.9 Billion In... - Details

ICICI Bank Stake Sale Update: The board of directors of ICICI Bank Limited, on Friday, approved the proposal for the sale of a 19 per cent stake in ICICI Merchant Services Private Limited. In an exchange filing, ICICI Bank said that the company raised an amount of Rs 1.60 -1.90 billion through the sale. The bank further said that the stake sale will be executed before June 30, 2025.

“The Board of Directors of ICICI Bank Limited (“the Bank”), at its meeting held today, approved a proposal for the sale of 19% stake held in ICICI Merchant Services Private Limited (“IMSPL” or “the Company”), an associate of the Bank, subject to receipt of requisite approvals. Consequent to the completion of this transaction, IMSPL will cease to be an associate of the Bank,” ICICI Bank said in an exchange filing.

ICICI Bank Stake Sale Update: About ICICI Merchant Services Private Limited

According to the information shared by ICICI Bank, ICICI Merchant Services Private Limited's revenue from operations during FY2024 stood at Rs 4.75 billion. The net worth of the company as of March 31, 2024, was Rs 6.45 billion. According to the exchange filing, First Data Holdings 1 (Netherlands) BV an electronic commerce and payment services company is the buyer in the stake sale.

ICICI Bank Share Price Today

Meanwhile, shares of ICICI Bank climbed in trade on Friday. In a volatile session that witnessed Nifty and Sensex rebound from the day's lows, ICICI Bank shares closed at Rs 1346.00 apiece, higher by 1.28 per cent.