ICICI Bank, India’s second largest private lender, Friday said it may realise ₹160-190 crore from the sale of a 19% stake in ICICI Merchant Services to Netherlands-based First Data Holdings 1 (Netherlands) BV.
“The board of directors of ICICI Bank at its meeting held today, approved a proposal for sale of a 19% stake held in ICICI Merchant Services (IMSPL), an associate of the bank, subject to receipt of requisite approvals,” the lender said in an exchange filing.
First Data Holdings 1 is a global leader in electronic commerce and payment services. As per ICICI Bank, since the buyer does not belong to its promoter or promoter group companies, the sale does not constitute a related-party transaction.
In the last financial year, IMSPL reported revenue from operations at ₹475 crore and had a net worth of ₹645 crore as of March-end.
