Post-investment, ICICI Bank will hold 9.09% stake in MESPL through the acquisition of 100 equity shares and 1,04,890 cumulative compulsorily convertible preference shares on fully diluted basis, the private lender said in a regulatory filing
Private sector lender ICICI Bank acquired 9.09% stake in ed-tech platform Myclassboard Educational Solutions for ₹4.5 crore.
The company, on Tuesday, revealed in its regulatory filing, "ICICI Bank has entered into an agreement... in relation to an investment in Myclassboard Educational Solutions Pvt Ltd (MESPL)."
It also said, post-investment, ICICI Bank will hold 9.09 per cent stake in MESPL through the acquisition of 100 equity shares and 1,04,890 cumulative compulsorily convertible preference shares on fully diluted basis.
The transaction is expected to be completed by end of February 2021 and since the acquisition of shareholding is below10%, regulatory approval is not required., ICICI said.
The edtech platform was launched in 2009, reported turnover of ₹12 crore in FY 2020 and ₹95.8 crore in 2019.
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