The equity investment will be in tranches, with the first tranche of equity investment of ₹3 crore expected to be completed by March 31, 2022, the private lender said in a statement.
The total cash consideration amounts to ₹7.5 crore in multiple tranches to acquire up to 15 per cent equity holding in IDRCL.
The transaction does not constitute a related-party transaction. ICICI Bank has no promoters in it. ICICI Bank, its subsidiaries and its associates in the normal course of business may have business dealings with IDRCL at an arm’s length, the bank said.
The ICICI Bank stock surged 1.59 per cent or ₹11.10 to ₹710.25 on the NSE today.