ICICI Bank on February 16 said it has entered into an agreement with fintech startup Thillais Analytical Solutions Pvt Ltd to buy 9.65 percent stake in the company.
Thillais Analytical Solutions operates a neo-banking platform Vanghee, which facilitates connected banking solutions for corporates and 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.
Post the investment, ICICI Bank will hold 9.65 percent shareholding, on a fully diluted basis, in Thillais Analytical Solutions through an acquisition of 10 equity shares and 100 CCPS (Compulsory Convertible Preference Shares).