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ICICI Bank acquires 5.4% stake of CityCash for Rs 4.93 cr

Capital Market 

The private sector bank entered into an agreement on 16 February 2021 in relation to an investment in Tap Smart Data Information Services (CityCash) for Rs 4.93 crore.

ICICI Bank entered into an agreement on 16 February 2021 in relation to an investment in Tap Smart Data Information Services (City Cash). The transaction will be executed for a cash consideration of Rs 4.93 crore and is expected to end by March 2021.

Post investment, ICICI Bank will hold 5.40% stake (on a fully diluted basis) in Tap Smart Data Information Services through acquisition of 5,492 equity shares. Since the acquisition of shareholding is below 10%, regulatory approval is not required. The acquisition is likely to complete by end of March 2021.

CityCash is a fintech company which provides payments and ticketing system technology to State Transport Corporations. The announcement was made after market hours yesterday, 16 February 2021.

The private lender reported 19.1% rise in net profit to Rs 4,939.59 crore on 3.3% increase in total income to Rs 24,416.06 crore in Q3 FY21 over Q3 FY20.

Shares of ICICI Bank rose 0.55% to Rs 662.10. ICICI Bank is one of India's leading private banks. ICICI Bank had a network of 5,267 branches and 14,655 ATMs as at 31 December 2020.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Wed, February 17 2021. 11:19 IST