Stock in focus: ICICI Bank share price likely to be in focus as it buys a 10% stake in Quantum CorpHealth
ICICI Bankshare price is likely to be in focus on Friday (September 22) as a day ago on September 21 it informed exchanges that it had entered into an agreement for the investment of about ₹5 crore in Quantum CorpHealth. The time period for the completion of the acquisition is by the end of October 2023 with a cash consideration of nearly ₹4,99,95,000 for 9.99 per cent shareholding of Quantum CorpHealth Private Limited.
This means after the investment, ICICI Bank will hold 9.99 per cent shareholding in Quantum CorpHealth through subscription of 100 equity shares and 3,33,200 CCPS (compulsorily convertible preference shares). "We wish to inform you that ICICI Bank has entered into an agreement dated September 21, 2023, in relation to an investment in the equity shares and compulsorily convertible preference shares of Quantum CorpHealth Private Limited," the bank said in a BSE filing post market hours on Thursday (September 21).
Quantum CorpHealth, as per ICICI Bank exchange filing, is a healthcare services platform aggregating services like pre-employment health checks, annual health checks, occupational health centres and ancillary services for enterprises and corporates. ICICI Bank share price has been lacklustre in the last one year, significantly underperforming the benchmark index.
The stock has gained just about 5 per cent while the Sensex has risen over 11 per cent in the last one year. ICICI Bank share price hit its 52-week high of ₹1,008.70 on BSE on July 24 this year.
As of September 21 close, it is down about 2 per cent from its 52-week high level. For the June quarter of the current financial year, ICICI Bank reported a rise of 39.7 per cent in its standalone net profit at ₹9,648 crore, compared to ₹6,905
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