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.
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.