ICICI Bank on Tuesday announced it has entered into an agreement to acquire 9.09 per cent stake in educational technology platform Myclassboard Educational Solutions Pvt Ltd for cash consideration of Rs 4.5 crore.
MESPL offers an online school management platform and reported turnover of Rs 12 crore in FY 2020.
“ICICI Bank has entered into an agreement… in relation to an investment in Myclassboard Educational Solutions Pvt Ltd (MESPL),” the private sector lender said in a regulatory filing.
“Post investment, ICICI Bank will hold 9.09 per cent stake in MESPL through acquisition of 100 equity shares and 1,04,890 cumulative compulsorily convertible preference shares on fully diluted basis,” the filing said.
The transaction is expected to be completed by end of February 2021.
“This transaction does not constitute a related party transaction. ICICI Bank has no promoters.
ICICI Bank and its subsidiaries in the normal course of business would have business dealings with MESPL at an arm’s length,” it added.