You are here: Home » News-CM » Equities » Hot Pursuit
Business Standard

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.

Powered by Capital Market - Live News

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

Dear Reader,


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.

Digital Editor

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