ICICI Bank is planning to buy stakes in two fintech companies -- CityCash and Thillais Analytical Solutions -- for a total cash consideration of Rs 6.03 crore. As per two separate deals entered by the bank, the bank will buy 5.40 percent stake in CityCash for Rs 4.93 crore (Rs 49.34 million) and 9.65 percent in Thillais Analytical Solutions for Rs 1.1 crore (Rs 11 million).
Both the deals are expected to be completed by the end of March 2021. Post investment, the bank will hold 5.40 percent shareholding in Tap Smart Data Information Services (CityCash) through acquisition of 5,492 equity shares. The 9.65 percent stake in Thillais Analytical Solutions will be through acquisition of 10 equity shares and 100 CCPS (Compulsory Convertible Preference Shares).
ICICI Bank is a leading private sector bank in India.