ICICI Bank acquires 9.09% stake in ed-tech platform Myclassboard Educational Solutions

Private sector lender ICICI Bank on Tuesday stated it should purchase 9.09 per cent stake in academic expertise platform Myclassboard Educational Solutions Pvt Ltd for money consideration of Rs 4.5 crore.
“ICICI Bank has entered into an agreement… in relation to an investment in Myclassboard Educational Solutions Pvt Ltd (MESPL),” the personal sector lender stated in a regulatory submitting.
MESPL gives a web based faculty administration platform and reported turnover of Rs 12 crore in FY 2020.
ICICI Bank stated it should purchase 9.09 per cent stake in MESPL for money consideration of Rs 4.5 crore.

“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,” it added.
The transaction is predicted to be accomplished by finish of February 2021.