Money & Banking

ICICI Bank buys 10% cent stake Arthashastra Fintech

Our Bureau Mumbai | Updated on July 24, 2018

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.

Published on July 24, 2018

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor