ICICI Bank, one of India's largest private sector banks, has invested Rs 250 crore in the Lavasa Corporation, which is a subsidiary of engineering and construction major Hindustan Construction Company (HCC).
In a statement sent to the Bombay Stock Exchange (BSE), HCC informed that ICICI Bank has made the investment in the form of convertible debentures.
In the past Axis Bank, Bank of India, Allahabad Bank, Indusind Bank, Andhra Bank and United Bank of India had collectively invested Rs 600 crore in Lavasa using the same instrument.
The HCC stock was trading 0.89 per cent higher on the BSE at Rs 158.30 as against its yesterday's close of Rs 156.90.