ICICI Bank to Sell 19% Stake in ICICI Merchant Services for ₹160-190 Crore

ICICI Bank’s board has approved the sale of a 19% stake in its associate company, ICICI Merchant Services Private Ltd (IMSPL), to First Data Holdings 1 (Netherlands) BV. The sale is subject to receiving the necessary approvals.

Expected Funds from the Sale

The sale is expected to raise between ₹160 crore and ₹190 crore for ICICI Bank. First Data Holdings, a global leader in electronic payments, will be the buyer.

After completing the transaction, IMSPL will no longer be considered an associate company of ICICI Bank. Pending regulatory approvals, the sale is expected to be completed by June 30, 2025.

IMSPL’s Financials

IMSPL reported revenue of ₹475 crore and a net worth of ₹645 crore for the financial year ending March 31, 2024.

About ICICI Bank

ICICI Bank is the second-largest private bank in India and it provides various financial products and services to retail, SME, and corporate clients. The bank has a large network of branches, ATMs, and other service points. The ICICI group is also involved in life and general insurance, housing finance, and primary dealerships through its subsidiaries and affiliates.

ICICI Bank share price is trading at ₹1,344.60, down by ₹0.30 (0.022%) as of 10:17 AM on December 16. The stock opened at ₹1,344.90, reached a high of ₹1,350.45, and a low of ₹1,340.55. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.