ICICI Bank buys 9.09% stake in Myclassboard Educational for ₹4.5 cr

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)."

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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.

LIC sells 2 pc stake in ICICI Bank

Country's largest insurer Life Insurance Corporation (LIC) has sold 2 percent stake in private sector lender ICICI Bank through open market transactions.

The insurer sold 13.8 crore shares, representing 2.002 per cent stake of ICICI Bank, over a period of November 27 to December 24, 2020, the bank said in a regulatory filing.

Following the stake sale, LIC's holding in the bank has reduced to 6.74 per cent from 8.74 per cent earlier, it said.

Shares of ICICI Bank on Monday closed 1.28 per cent higher at ₹520.20 on the BSE.