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ICICI to buy over 9% stake in fintech startup Thillais Analytical Solutions

The firm said it has entered into an agreement with fintech startup Thillais Analytical Solutions Pvt Ltd to buy 9.65 per cent stake in the company

ICICI Bank  | Banking sector | Fintech sector

Press Trust of India  |  New Delhi 

ICICI Bank | Representational image

on Tuesday said it has entered into an agreement with fintech startup Thillais Analytical Solutions Pvt Ltd to buy 9.65 per cent stake in the company.

Thillais Analytical Solutions operates a neo-banking platform Vanghee, which facilitates connected banking solutions for corporates and MSMEs, and helps banks deepen their customer relationships.

The deal agreed for a cash consideration of Rs 1.1 crore (Rs 11 million) is expected to be closed by the end of March 2021, said in a regulatory filing.

Post the investment, will hold 9.65 per cent shareholding, on a fully diluted basis, in Thillais Analytical Solutions through an acquisition of 10 equity shares and 100 CCPS (Compulsory Convertible Preference Shares).

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Tue, February 16 2021. 19:54 IST