ICICI Bank to acquire minor stake in new entity to be set up in GIFT-IFSC

ICICI Bank has entered into a memorandum of understanding dated 17 May 2024 in relation to an investment in the equity shares of a company to be incorporated (Target Entity) as subsidiary of The Clearing Corporation of India (CCIL) along with seven (7) other shareholders. Post investment, ICICI Bank will hold 6.125% shareholding in the Target Entity through acquisition of 6,125,000 equity shares of face value Rs 10 each.

The Target Entity is proposed to be incorporated as a subsidiary of CCIL. The Target Entity to be incorporated in GIFT-IFSC will set-up and operate the Foreign Currency Settlement System (FCSS) in GIFT-IFSC and will act as clearing house and system operator for the same and will also provide services in GIFT-IFSC including, any or all of the services provided by CCIL in India, and will undertake such other activities permissible within the GIFT-IFSC as may be determined from time to time, subject to necessary approvals by the relevant authorities under the applicable laws.

 

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