ICICI Bank has said it plans to exit from its associate ICICI Merchant Services Pvt. Ltd. by selling the entire 19% stake in the company. The bank has executed a share purchase agreement with First Data Holding I (Netherlands) B.V., First Data (India) Pvt. Ltd. (nominee of First Data Holding I (Netherlands) B.V.) and Fiserv Merchant Solutions Pvt. Ltd. (formerly known as IMSPL) in relation to the sale of its entire shareholding of 19% in equity shares of IMSPL, ICICI Bank said.
The completion of procedures and transfer of shares would be intimated in due course of time, the bank said in a regulatory filing on Saturday.
The bank had, in December 2024, said the board of ICICI Bank had approved a proposal for sale of 19% stake held in ICICI Merchant Services Pvt Ltd.
Upon completion of the transaction, IMSPL will no longer be classified as an associate entity of ICICI Bank.
The sale, which is contingent on receiving the necessary regulatory and statutory approvals, is expected to be executed before June 30, 2025.
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