Thillais Analytical Solutions operates a neo-banking platform Vanghee, which facilitates connected banking solutions for corporates and micro, small and medium enterprises (MSMEs) and helps banks deepen their customer relationships.
The deal agreed for a cash consideration of Rs 1.1 crore (Rs 11 million) is expected to be closed by the end of March 2021, ICICI Bank said in a regulatory filing on Tuesday.
Post the investment, ICICI Bank will hold 9.65% shareholding, on a fully diluted basis, in Thillais Analytical Solutions through an acquisition of 10 equity shares and 100 compulsory convertible preference shares.
On Tuesday, ICICI Bank shares fell 2.30% to Rs 658.50 apiece on the BSE even as the benchmark Sensex ended the day 0.10% lower at 52,104.17 points.
