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Private sector lender ICICI Bank on Tuesday said it will acquire 9.09 per cent stake in online school management platform Myclassboard Educational Solutions. The acquisition will be done through a cash consideration of ₹4.5 crore.
“ICICI Bank has entered into an agreement dated December 28, 2020, in relation to an investment in Myclassboard Educational Solutions Private Limited (MESPL),”the lender said in a regulatory filing. The acquisition is expected to be completed by end of February 2021.
“Post investment, ICICI Bank will hold 9.09 per cent stake in MESPL through acquisition of 100 equity shares and 1,04,890 Cumulative Compulsorily Convertible Preference Shares on fully diluted basis,” the bank said, adding that since the acquisition of shareholding is below 10 per cent, regulatory approval is not required.
MESPL is an educational technology company set up in December 2009.
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