ICICI Bank entered into an agreement on 21 February 2022 for a cash investment of Rs 19.99 crore in the equity shares of Verve Financial Services (VFSPL).
The said transaction is expected to be completed by the end of March 2022. Post investment, ICICI Bank will hold 9.49% stake (on a fully diluted basis) in Verve Financial Services through acquisition of 2,29,600 equity shares. Since the acquisition of shareholding was below 10%, regulatory approval was not required.
Verve Financial Services operates 'Indiafilings' platform, which provides a suite of services like incorporation, trademark, tax filings, compliance, payroll management and other business services to MSMEs, corporates and entrepreneurs.
ICICI Bank's standalone net profit grew 25% to Rs 6,194 crore in Q3 FY22 from Rs 4,940 crore in Q3 FY21. Total income during the quarter rose by 11% Y-o-Y (year-on-year) to Rs 27,070 crore.
Shares of ICICI Bank fell 1.25% to Rs 744.85 on BSE. ICICI Bank is the second largest private sector bank in India. The bank had a network of 5,298 branches and 13,846 ATMs at 31 December 2021.
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