ICICI Bank will acquire CityCash and Thillais Analytical Solutions for Rs 6.03 crore. CICI Bank to buy stakes in two fintech companies for Rs 6.03 cr
ICICI Bank on Tuesday said it will buy stakes in two fintech companies CityCash and Thillais Analytical Solutions for a total cash consideration of Rs 6.03 crore.
CityCash is a bus transit-focused payments technology company which provides ticketing system technology to state transport corporations.
Thillais Analytical Solutions operates a neo-banking platform Vanghee, which facilitates connected banking solutions for corporates and MSMEs, and helps banks deepen their customer relationships.
As per two separate deals entered by the bank on Tuesday, ICICI Bank will buy 5.40 per cent stake in CityCash for Rs 4.93 crore (Rs 49.34 million) and 9.65 per cent in Thillais Analytical Solutions Pvt Ltd for Rs 1.1 crore (Rs 11 million).
The Securities Appellate Tribunal has stayed an order passed by market regulator SEBI that had banned Future Retail Chairperson Kishore Biyani and some other promoters from the securities market for one year for alleged insider trading.
ICICI Bank on Tuesday said it has entered into an agreement with fintech startup Thillais Analytical Solutions Pvt Ltd to buy 9.65 per cent stake in the company. Thillais Analytical Solutions operates a neo-banking platform Vanghee, which facilitates connected banking solutions for corporates and MSMEs, and helps banks deepen their customer relationships. The deal agreed for a cash consideration of Rs 1.1 crore (Rs 11 million) is expected to be closed by the end of March 2021, ICICI Bank said in a regulatory filing. Post the investment, ICICI Bank will hold 9.65 per cent shareholding, on a fully diluted basis, in Thillais Analytical Solutions through an acquisition of 10 equity shares and 100 CCPS (Compulsory Convertible Preference Shares).
CityCash is a bus transit-focused payments technology company which provides ticketing system technology to state transport corporations. Thillais Analytical Solutions operates a neo-banking platform Vanghee, which facilitates connected banking solutions for corporates and MSMEs, and helps banks deepen their customer relationships. As per two separate deals entered by the bank on Tuesday, ICICI Bank will buy 5.40 per cent stake in CityCash for Rs 4.93 crore (Rs 49.34 million) and 9.65 per cent in Thillais Analytical Solutions Pvt Ltd for Rs 1.1 crore (Rs 11 million). Both the deals are expected to be completed by the end of March 2021, ICICI Bank said in separate filings to stock exchanges.