ICICI Bank to invest in Myclassboard for 9.09% stake
ICICI bank informed that it invest in Myclassboard Educational Solution Pvt Ltd for a cash consideration of Rs.4.5 crore and will acquire a 9.09% stake in it. MESPL offers an online school management platform which has reported the turnover of Rs.12 crore in the year 2020.
ICICI Bank will get the acquisition of 100 equity shares &1,04,890 of cumulative compulsorily convertible preference shares on fully diluted basis and a stake of 9.09%. The process is expected to be completed by February 2021.