ICICI Bank renames ICICI Holdings as ICICI Financial Services

ICICI Bank Ltd has announced that the Registrar of Companies, Vadodara has approved the name 'ICICI Financial Services’ for the subsidiary proposed to be set up by the Bank (in lieu of the earlier proposed name of ‘ICICI Holdings’).

Further, pursuant to initiation of discussions with potential investors for investment in the proposed new subsidiary, the Bank has received definitive offers from investors for subscription to equity shares of the proposed new subsidiary and for entering into definitive agreements for this purpose. The subscription amount is Rs 26.50 billion towards fresh issue of shares by the proposed new subsidiary, and the investors would thereby acquire a collective stake of 5.9% in the proposed new subsidiary, valuing it at Rs 446.00 billion on a post-issue basis. The arrangement is subject to receipt of regulatory and other approvals including that of the Reserve Bank of India, the Insurance Regulatory & Development Authority and the Foreign Investment Promotion Board, and would terminate failing receipt of such approvals within a mutually agreed date.

The stock was trading at Rs.924, up by Rs.4.95 or 0.54%. The stock hit an intraday high of Rs.937 and low of Rs.919. The total traded quantity was 91900 compared to 2 week average of 176348.

Source : Equity Bulls

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