On February 16, 2021 ICICI Bank announced that it will buy 5.40% stake in Tap Smart Data Information Services Pvt Ltd (CityCash) for Rs 4.93 crore (Rs 49.34 million) and 9.65% stake in Thillais Analytical Solutions Pvt Ltd for Rs 1.1 crore (Rs 11 million).
Note: It is expected that both deals will be completed by the end of March 2021
Acquisition
ICICI Bank will buy the stakes through the following:
In CityCash– by acquiring 5,492 equity shares.
In Thillais Analytical– by acquiring 10 equity shares and 100 Compulsory Convertible Preference Shares(CCPS)
About CityCash:
It is a bus transit-focused payments technology company that provides ticketing system technology to state transport corporations.
Founder & CEO– Vineet Toshniwal
Headquarters– Mumbai, Maharashtra
Recent Related News:
On January 12, 2021, IT services major, Tech Mahindra is set to acquire 100% share of Hong Kong based Payments Technology Service Ltd (PTSL) a subsidiary of Fidelity Information Services (FIS) for $9 million (about Rs.66 Crore) to scale its enterprise payments and banking capabilities.
About ICICI Bank:
The bank was formed in 1955 at the initiative of the World Bank, the Government of India and representatives of Indian industry.
Headquarters– Mumbai, Maharashtra
Managing Director (MD) and Chief Executive Officer(CEO)– Sandeep Bakhshi
Tagline– Hum Hai Na, Khayal Apka
Incorporated-1994
