Technology

ICICI Bank Ltd.: ICICI Financial institution acquires 9.09% stake in ed-tech platform Myclassboard Instructional Remedies – Most up-to-date Information

Non-public sector lender ICICI Lender on Tuesday mentioned it will get 9.09 per cent stake in educational technological know-how platform Myclassboard Educational Solutions Pvt Ltd for dollars consideration of Rs 4.5 crore. “ICICI Financial institution has entered into an settlement… in relation to an financial commitment in Myclassboard Instructional Answers Pvt Ltd (MESPL),” the non-public sector loan provider claimed in a regulatory filing.

MESPL gives an on-line faculty management platform and described turnover of Rs 12 crore in FY 2020.

ICICI Financial institution mentioned it will acquire 9.09 for each cent stake in MESPL for money consideration of Rs 4.5 crore.

“Article investment, ICICI Financial institution will keep 9.09 for each cent stake in MESPL by acquisition of 100 fairness shares and 1,04,890 cumulative compulsorily convertible choice shares on fully diluted foundation,” it additional.

The transaction is expected to be concluded by conclude of February 2021.

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