Private lender ICICI Bank said it has acquired 9.49% stake in Verve Financial Services Pvt Ltd. for nearly ₹20 crore, according to an exchange filing.
The lender said since the acquisition of shareholding is below 10%, regulatory approval is not required and the transaction is expected to close by March-end.
Incorporated in 2007, Verve Financial Services operates ‘Indiafilings’ platform, which provides a suite of services like incorporation, trademark, tax filings, compliance, payroll management and other business services to MSMEs, corporates and entrepreneurs.
Post investment, ICICI Bank will hold 9.49% shareholding (on a fully diluted basis) in Verve Financial Services Private Limited through acquisition of 2,29,600 equity shares, the lender said in a statement.
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