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    ICICI Bank to buy stake in BSE subsidiary INX for Rs 31 crore

    Synopsis

    "Post the proposed investment, ICICI Bank would have a shareholding of up to 9.9 per cent in INX," the filing said.

    ICICI-BCCL-1200
    New Delhi: ICICI Bank Monday said it has entered into an agreement with the BSE to buy stake in its subsidiary INX - located at GIFT City Gujarat - for nearly Rs 31 crore.

    India International Exchange (INX) - a wholly owned subsidiary of the BSE - is India's first international exchange at International Financial Services Centre (IFSC) in GIFT City.

    The investment is subject to regulatory approvals and comes at a cash consideration of up to Rs 305 million in tranches to acquire up to 9.9 per cent shareholding in INX, ICICI Bank said in a regulatory filing.

    "Post the proposed investment, ICICI Bank would have a shareholding of up to 9.9 per cent in INX," the filing said.

    INX was incorporated in September 2016 and has posted a loss of Rs 31 crore in 2018-19. The total revenue was Rs 2.25 crore.

    During 2017-18, INX had earned revenues of Rs 1.14 crore, while in 2016-17 the exchange earned Rs 3,225.

    Stock of ICICI Bank closed 4.48 per cent higher at Rs 407.80 on the BSE.



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    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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