 "ICICI Bank raises stake in GIFT City clearing corp IICC to 9.9%")
ICICI Bank on Thursday said it has bought additional stake in India International Clearing Corporation (IICC) at IFSC in GIFT City for Rs 4.43 crore, taking its holding in the clearing body to 9.90 per cent.
As many as 44,262,356 equity shares at Re 1 per share were allotted to ICICI Bank on February 2, 2022 for a cash consideration of Rs 44.3 million (Rs 4.43 crore), the lender said in a regulatory filing.
"After investment, ICICI Bank's shareholding increased from 7.61 per cent to 9.90 per cent of the equity share capital of IICC," the bank said.
IICC was incorporated at GIFT City, IFSC in Gandhinagar in Gujarat in September 2016. Its revenues in FY21 were Rs 1.8 crore (Rs 18 million), and there was loss to the tune of Rs 3 crore (Rs 30 million).
IICC is the first international clearing corporation set up at GIFT IFSC (International Financial Services Centre). It provides clearing and settlement risk management services. It clears and settles index and single stock derivatives, commodity derivatives, currency derivatives and debt securities.
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