New Delhi: ICICI Bank on Monday said it has acquired 9.9 per cent stake in non-banking finance company Kisan Finance for cash consideration of Rs 17.82 crore.
The bank said it will buy 1.49 crore shares to acquire 9.9 per cent stake in Kisan Finance for Rs 17.82 crore. The acquisition is expected to be over by the end of March 2019, the bank said in a regulatory filing.
"This transaction does not constitute a related party transaction. ICICI Bank has no promoters. None of the group companies of ICICI Bank (including ICICI Bank) have any interest in the entity being acquired," it added.
Kisan Rural Finance Ltd (Kisan Finance), was incorporated in December 2017. The company had registered a net loss of Rs 48 lakh in 2017-18 at a revenue of Rs 4 lakh.