ICICI Bank to Acquire 9.09% Stake in Myclassboard Educational Solutions Pvt Ltd for Rs 4.5 Crore

ICICI Bank acquires 9On December 28, 2020 ICICI Bank entered into an agreement with Myclassboard Educational Solutions Pvt Ltd(MESPL) to acquire 9.09% stake in MESPL through acquisition of 100 equity shares and 104,890 Cumulative Compulsorily Convertible Preference Shares on fully diluted basis.

  • The acquisition happens for a cash consideration of Rs 4.5 crore.

Key Info:

i.The acquisition is expected to be completed by the end of February 2021.

ii.Regulatory approval is not required for this, as the acquisition  of shareholding is below 10%.

LIC Sells 2.002% Stake in ICICI Bank Through Open Market Transactions

i.Life Insurance Corporation  of India (LIC) has sold 13.8 crore shares(2.002% stake) of ICICI Bank from November 27 to December 24, 2020 through open market transactions.

ii.After this sale, the holding stake of LIC in the bank has reduced to around 6.74% from 8.74% earlier.

Recent Related News:

On October 30, 2020 Axis Bank Ltd along with its subsidiaries namely, Axis Capital Ltd and Axis Securities Ltd (together Axis Entities) has agreed to enter into revised agreements with Max Financial Services (MFS) Ltd to acquire up to 19.002% of the equity share capital of Max Life Insurance Co Ltd (Revised Agreements).

About Myclassboard Educational Solutions Pvt Ltd(MESPL):

Headquarters– Hyderabad, Telangana
Founded– 2008
Founder & CEO– Ajay Sakhamuri

About Life Insurance Corporation  of India (LIC):

Chairman– M R Kumar
Headquarters– Mumbai, Maharashtra
Founded– 1st September, 1956(Parliament of India passed LIC Act, 1956 on the 19th of June 1956)

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