ICICI Bank said that the bank has entered into an agreement on 11 November 2020 in relation to an investment in SLO Technologies.
The announcement was made after market hours yesterday, 11 November 2020.
The transanction involves a cash consideration of Rs 2.33 crore for a 7% stake in SLO Technologies. The deal is expected to be completed by the end of December 2020. Post investment, ICICI Bank will hold 7% shareholding in SLO Technologies through acquisition of 20,883 equity shares and 9,500 CCCPS (Cumulative Compulsorily Convertible Preference Shares) on fully diluted basis.
SLO Technologies is a Fintech company providing forensic and risk monitoring platform to banks and financial institutions.
Shares of ICICI Bank fell 1.22% to Rs 480.55 on BSE. The stock hit high of Rs 483.40 and low of Rs 477.60 so far during the day.
ICICI Bank is one of India's leading private banks. The Bank has a network of 5,288 branches and 15,158 ATMs on 30 September 2020.
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