Private sector lender ICICI Bank on Tuesday said it will acquire 9.09 percent stake in educational technology platform Myclassboard Educational Solutions Pvt Ltd for cash 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 private sector lender said in a regulatory filing.
MESPL offers an online school management platform and reported turnover of Rs 12 crore in FY 2020.
ICICI Bank said it will acquire 9.09 percent stake in MESPL for cash consideration of Rs 4.5 crore.
"Post investment, ICICI Bank will hold 9.09 percent 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 expected to be completed by end of February 2021.