ICICI Bank 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, ICICI Bank said in a regulatory filing.
Post the investment, ICICI Bank 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.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.