ICICI Bank Ltd.: ICICI Bank acquires 9.09% stake in ed-tech platform Myclassboard Educational Solutions – Latest News
Private sector lender ICICI Bank on Tuesday mentioned it is going to purchase 9.09 per cent stake in academic expertise platform Myclassboard Educational Solutions Pvt Ltd for money consideration of Rs 4.5 crore. “ICICI Financial institution has entered into an settlement… in relation to an investment in Myclassboard Academic Options Pvt Ltd (MESPL),” the non-public sector lender mentioned in a regulatory submitting.
MESPL affords an internet college administration platform and reported turnover of Rs 12 crore in FY 2020.
ICICI Financial institution mentioned it is going to purchase 9.09 per cent stake in MESPL for money consideration of Rs 4.5 crore.
“Put up funding, ICICI Financial institution will maintain 9.09 per cent stake in MESPL by means of acquisition of 100 fairness shares and 1,04,890 cumulative compulsorily convertible choice shares on totally diluted foundation,” it added.
The transaction is predicted to be accomplished by finish of February 2021.
