ICICI Bank has invested Rs 51.09 crore in Auxilo Finserve, an associate company of Balrampur Chini Mills, by way of subscription to its 3,40,62,153 Equity Shares of Rs 10 face value per share, constituting 9.90% of its Equity Share Capital at a premium of Rs 5 per share, pursuant to the definitive agreements executed on March 25, 2020. Prior to the above investment, Balrampur Chini Mills held 50% of the Equity Share Capital in Auxilo Finserve, which now stands at 45.05%.
ICICI Bank is India’s largest private sector bank by consolidated assets. ICICI Bank’s subsidiaries include India’s leading private sector insurance, asset management and securities brokerage companies, and among the country’s largest private equity firms.
