MUMBAI: Private sector lender ICICI Bank on Friday announced the acquisition of a further stake in India International Exchange (India INX) located at GIFT City in Gandhinagar.
The lender acquired 4.46 crore shares at Re 1 per share for a total consideration of Rs 4.46 crore. Post the acquisition, ICICI Bank's stake in India INX will increase to 9.9 per cent from 7.7 per cent.
The indicative time period for completion of the acquisition is August 31. Approvals from the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI) will be required.
ICICI Bank recently raised about Rs 15,000 crore through the issuance of 41.89 crore equity shares at an issue price of Rs 358 per unit.
Indian banks have been raising capital to insulate themselves from a surge of bad loans as the novel coronavirus pandemic continues to batter the economy. Besides, the RBI has allowed borrowers to seek a moratorium on their debt repayments till August 31.