Balrampur Chini up 10% as ICICI Bank buys stake in NBFC arm

ICICI Bank has invested Rs 51 crore in Auxilo Finserve by way of subscribing 34.06 million equity shares, constituting 9.90% of its equity share capital at Rs 15 per share.

Shares of Balrampur Chini Mills were locked in the 10 per cent upper circuit for second straight day, at Rs 90, on the BSE on Friday after ICICI Bank bought minority stake in the company’s associate company Auxilo Finserve.

“Pursuant to the definitive agreements executed on March 25, 2020, ICICI Bank has invested Rs 51.09 crore in the associate company, Auxilo Finserve by way of subscribing 34.06 million equity shares of Rs 10, constituting 9.90 per cent of its equity share capital at a premium of Rs 5 per share,” Balrampur Chini Mills said in regulatory filing on Thursday