NIIT on Saturday announced that it will acquire 19 lakh shares of IFBI from ICICI Bank Ltd. The company will acquire 50,000 shares of IFBI from individual shareholders.
"We wish to inform you that NIIT Limited (“Company”) at its meeting held today, has approved a proposal to purchase:
- 1,900,000 equity shares NIIT Institute of Finance Banking and Insurance Training Limited (IFBI), a subsidiary of the Company, constituting 18.79% of the aggregate issued and paid-up share capital from ICICI Bank Limited; and
- 50,000 equity shares of IFBI constituting 0.49% of the aggregate issued and paid-up share capital from Individual shareholders," it said in an exchange filing.
Post acquisition, IFBI will become a wholly owned subsidiary of NIIT.
ICICI Bank's entire stake sale in NIIT-IFBI will garner Rs 4.7 to 6.58 crore. On Saturday, ICICI Bank's board approved sale of entire 18.8% stake in NIIT-IFBI.
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The stake sale is expected to be completed by Sept. 30, 2025.
Private lender ICICI Bank reported an 18% year-on-year rise in profit after tax, which rose to Rs 12,630 crore, for the quarter ended March, exceeding the consensus estimate of Rs 11,669 crore from analysts polled by Bloomberg.
Net interest income rose 11% over the year to Rs 21,193 crore. Consequently, net interest margin of the bank was 4.41% in Jan-March, up from 4.25% a quarter ago and 4.40% a year ago.
ICICI Bank has recommended a dividend of Rs 11 per share, as the bank's profit rose on strong loan growth, and a rise in net interest income.
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