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Private sector lender ICICI Bank has acquired a 9.9 per cent stake in fintech firm Arthashastra Fintech Private Limited for a cash consideration of ₹8.27 crore.
Arthashastra Fintech was founded in December 2015 and provides a deferred payment option for purchasing goods and services with third-party merchants. The fintech company posted a turnover of ₹32 lakh in FY17 and a loss of ₹1.75 crore. ICICI Bank said that it will purchase 27,779 convertible cumulative preference shares and 100 equity shares of face value ₹1 each at a share premium of ₹2,966.11 per share.
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