ICICI Bank said it has entered into an agreement with the BSE to buy a stake in its subsidiary INX, located at GIFT City Gujarat. It 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.
INX was incorporated in September 2016 and has posted a loss of Rs.31 crore in 2018-19. The total revenue was Rs.2.25 crore.
During 2017-18, INX had earned revenues of Rs.1.14 crore, while in 2016-17 the exchange earned Rs.3,225. The stock of ICICI Bank closed 4.48% higher at Rs.407.80 on the BSE.