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Axis, ICICI bank, other buy stake in fintech firm IBBIC
July 28, 2021
State Bank of India, Axis Bank, Indian Bank, Yes Bank, IDBI Bank, and ICICI Bank on Tuesday said they have bought equity stakes in fintech firm IBBIC. SBI, Axis Bank, Indian Bank, Yes Bank and IDBI Bank got 5.55 percent stake each, addressing 50,000 shares in IBBIC, for cash at ₹5 lakh each.
In their different administrative filings on Tuesday, these lenders said they have bought in to 50,000 equity shares of a presumptive worth of ₹10 each completely paid up of IBBIC Private Ltd for a consideration of ₹10 for every equity share comprising 5.55 percent of the issued and paid up capital of IBBIC.
The equity is acquired for a cash consideration of ₹ 5 lakh by every one of them.
Aside from these moneylenders, ICICI Bank purchased 49,000 offers (5.44 percent) for ₹4.9 lakh. Joined in May this year, IBBIC platform offers distributed ledger (DLT) solutions to the Indian financial service sector.
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