ICICI Bank Monday said it has entered into an agreement with the BSE to buy stake in its subsidiary INX - located at GIFT City Gujarat - for nearly Rs 31 crore.
India International Exchange (INX) - a wholly owned subsidiary of the BSE - is India's first international exchange at International Financial Services Centre (IFSC) in GIFT City.
The investment is subject to regulatory approvals and comes at a cash consideration of up to Rs 305 million in tranches to acquire up to 9.9 per cent shareholding in INX, ICICI Bank said in a regulatory filing.
"Post the proposed investment, ICICI Bank would have a shareholding of up to 9.9 per cent in INX," the filing said.
INX was incorporated in September 2016 and has posted a loss of Rs 31 crore in 2018-19. The total revenue was Rs 2.25 crore.
During 2017-18, INX had earned revenues of Rs 1.14 crore, while in 2016-17 the exchange earned Rs 3,225.
Stock of ICICI Bank closed 4.48 per cent higher at Rs 407.80 on the BSE.
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app