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Yes Bank to acquire stake in India ICC and India INX

It will acquire 10cr equity shares of India ICC and 8cr equity shares of India INX from the primary market having nominal value of Rs1 per share.

India’s fourth-largest private sector bank Yes Bank is all set to buy stake in India International Clearing Corporation (IFSC) Ltd. (India ICC) and India International Exchange (IFSC) Ltd. (India INX), as per an NSE filing.

The circular further added that the bank will acquire 10cr equity shares of India ICC and 8cr equity shares of India INX from the primary market having nominal value of Rs1 per share. These will constitute 9.95% of the post-issue paid-up of both unlisted companies. The stake in India ICC will be worth Rs8.84cr, while that in India INX will be Rs10,497cr.

The bank would be acquiring equity shares in tranches in India lNX for an amount aggregating up to Rs31.044cr by financial year 2021-22. Further, the bank would be acquiring equity shares in tranches in India ICC for an amount aggregating up to Rs33.631cr by financial year 2021-22. However, both these cases are subject to the fact that the aggregate amount invested by the bank at any time shall not be more than 9.95% of the post issue paid-up share capital of India ICC and India INX.

India lNX is a wholly-owned subsidiary of BSE Ltd. and is India’s first International stock exchange. It commenced its trading activities on January 16, 2017 and is located in IFSC, GIFT City. It presently offers a diversified portfolio of products and technology services at a cost which is far more competitive to Indian exchanges as well as other global exchanges like those in Hong Kong, Singapore, Dubai, London and New York.

Meanwhile, India ICC, a wholly owned subsidiary of BSE Ltd., commenced its operations from January 16, 2017. It presently provides clearing & settlement, risk management and collateral management services to India INX.

Yes Bank is currently trading at Rs334.75 up by Rs2.35 or 0.71% from its previous closing of Rs332.40 on the BSE.
The scrip opened at Rs333.10 and has touched a high and low of Rs336.40 and Rs333.10 respectively. So far 11,43,257 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs76,623.69cr.
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