ICICI Bank agrees to buy 9.9% stake in BSE Subsidiary INX

Published on May 25, 2019
ICICI Bank said it has entered into an agreement with the Bombay Stock Exchange (BSE) to buy a stake in its subsidiary INX, located at GIFT City Gujarat.

Details:

  • ICICI Bank will buy a 9.9% stake in India International Exchange (INX), a wholly-owned subsidiary of Bombay Stock Exchange (BSE) for nearly Rs 31 crore.
  • The exchange posted a loss of Rs 31 crore in 2018-19 while its total revenue stood at Rs 2.25 crore.
  • INX is located at GIFT City in Gujarat.
  • The investment is subject to regulatory approvals and comes at a cash consideration of up to Rs 305 million in tranches to acquire up to 9.9% shareholding in INX.

Question:

Q. Which bank has entered into an agreement with the Bombay Stock Exchange (BSE) to buy a stake in its subsidiary INX, located at GIFT City Gujarat?
a. HDFC Bank
b. ICICI Bank
c. State Bank of India (SBI)
d. Kotak Mahindra Bank
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