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ICICI Bank, on Monday, said it has acquired 9.90 per cent stake in Kisan Rural Finance for a cash consideration of ₹17.82 crore. The private sector bank picked up 1.49 crore equity shares of Kisan Finance of face value ₹10 per share at a share premium of ₹2 per share.
In a stock exchange notice, ICICI Bank said the acquisition of shares in the non-banking financial company will be completed by March-end 2019. The bank termed the acquisition as a financial investment.
Kisan Rural Finance was incorporated in December 2017. The company had registered a net loss of ₹48 lakh in 2017-18 at a revenue of ₹4 lakh.
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