ICICI Bank Limited to acquire stake in Midland Microfin Ltd

ICICI Bank Limited ("ICICI Bank") has entered into an agreement dated September 30, 2021 in relation to an investment in the equity shares of Midland Microfin Limited.

Midland is a Non-Banking Financial Company - Microfinance Institution (NBFC-MFI)

ICICI Bank will acquire 4,508,169 equity shares of face value ₹ 10.0 per share at a share premium of ₹ 106.27 per share for a cash consideration of Rs. 524.2 million.

After the investment, ICICI Bank holds 9.9% of the equity share capital of Midland and 7.3% of the total share capital of Midland.

Shares of ICICI Bank Ltd. was last trading in BSE at Rs. 700.8 as compared to the previous close of Rs. 709.75. The total number of shares traded during the day was 295284 in over 10251 trades.

The stock hit an intraday high of Rs. 713.6 and intraday low of 698.7. The net turnover during the day was Rs. 208439808.

Source : Equity Bulls

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