ICICI Bank will acquire 4.46 crore equity shares of India International Exchange (India INX) at Re 1 each.
Post deal, ICICI Bank's stake would increase from 7.7% to 9.9%, according to a regulatory filing issued during market hours today, 21 August 2020. The acquisition will be completed by 31 August 2020.India International Exchange (India INX) is India's first international exchange in International Financial Services Centre (IFSC) located at the Gujarat International Finance-Tec City (GIFT City). India INX is a subsidiary of BSE. The exchange was inaugurated by Prime Minister of India, Narendra Modi, on 9 January 2017 and commenced its operations from 16 January 2017.
ICICI Bank is one of India's leading private banks. The private sector lender posted reported a 36.2% rise in net profit to Rs 2,599.15 crore on a 21.8% jump in total income to Rs 26,069.95 crore in Q1 June 2020 over Q1 June 2019.
Shares of ICICI Bank gained 0.07% to Rs 368.15 on BSE. The scrip hovered in the range of Rs 367.10 to Rs 371.55 so far.
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