Sale20 Apr 2025, 12:44 am
ICICI Bank to Sell Entire 18.8% Stake in NIIT Institute of Finance and Banking for Estimated Rs. 47.0-65.8 Crore
AI Summary
ICICI Bank Ltd. has announced that its Board of Directors approved a proposal for the sale of the Bank's entire shareholding of 18.8% in NIIT Institute of Finance Banking and Insurance Training Limited (NIIT-IFBI) to a listed entity outside of the ICICI Group. The transaction is expected to be completed by September 30, 2025, with the consideration estimated to be between Rs. 47.0-65.8 crore. NIIT Limited, a leading digital talent development organization, is the buyer and does not belong to the promoter/promoter group/group companies. This transaction does not constitute a related party transaction. Upon completion of the transaction, NIIT-IFBI will cease to be an associate of the Bank.
Key Highlights
- ICICI Bank to sell its entire 18.8% stake in NIIT-IFBI to a listed entity outside the ICICI Group
- Transaction estimated to be between Rs. 47.0-65.8 crore
- Expected completion date: On or before September 30, 2025
- Buyer is NIIT Limited, a leading digital talent development organization
- NIIT Limited does not belong to promoter/promoter group/group companies
- This transaction does not constitute a related party transaction