ICICI Bank buys 9.9% stake in Kisan Rural Finance for Rs 17.82 crore

ICICI Bank has bought a 9.9 percent stake in non-banking finance company Kisan Rural Finance for a cash consideration of Rs 17.82 crore.

Kisan Rural, incorporated on December 7, 2017, had a net loss of Rs 4,800,000 (Rs 0.48 crore) on revenue of Rs 400,000 (Rs 0.04 crore) in FY2018.

The deal will involve the acquisition of roughly 1.49 crore equity shares with a face value of Rs 10 per share at a premium of Rs 2 per share.

The acquisition is expected to be completed by the end of March 2019.