ICICI Bank to buy minority stake in Kisan Rural Finance
5 March 2019 4:35 AM GMT
ICICI Bank will acquire a 9.9% stake in non-banking finance company Kisan Rural Finance Ltd for Rs 17.82 crore ($2.5 million)
- ICICI Bank will acquire a 9.9% stake in non-banking finance company Kisan Rural Finance Ltd for Rs 17.82 crore ($2.5 million) in cash, the private-sector lender said.
- The lender will buy about 14.9 million shares of Kisan Rural at Rs 12 apiece, it said in a stock-exchange filing.
- However, the acquisition could help the bank meet the regulatory requirement of priority-sector lending target of 40%.
- In January, it tied up with NBFC Small Business FinCredit to jointly provide loans worth up to Rs 1 crore to SMEs.
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