ICICI Bank may sell 19% in IMSPL to First Data for up to Rs 190 crore
ICICI Bank, India's second largest private lender, Friday said it may realise ₹160-190 crore from the sale of a 19% stake in ICICI Merchant Services to Netherlands-based First Data Holdings 1 (Netherlands) BV.
«The board of directors of ICICI Bank at its meeting held today, approved a proposal for sale of a 19% stake held in ICICI Merchant Services (IMSPL), an associate of the bank, subject to receipt of requisite approvals,» the lender said in an exchange filing.
Post completion of the deal, IMSPL will cease to be an associate of ICICI Bank. The transaction is expected to be completed by June 30, 2025, according to the filing.
First Data Holdings 1 is a global leader in electronic commerce and payment services. As per ICICI Bank, since the buyer does not belong to its promoter or promoter group companies, the sale does not constitute a related-party transaction.
In the last financial year, IMSPL reported revenue from operations at ₹475 crore and had a net worth of ₹645 crore as of March-end.
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