Balrampur Chini Mills announced that ICICI Bank has invested Rs 51.09 crore in Auxilo Finserve, an associate company, by way of subscription to its 3,40,62,153 Equity Shares of Rs. 10 face value per share, constituting 9.90% of its Equity Share Capital at a premium of Rs. 5 per share, pursuant to the definitive agreements executed on 25 March 2020.
Prior to the above investment, Balrampur Chini Mills held 50% of the Equity Share Capital in Auxilo Finserve, which now stands at 45.05%.
Auxilo Finserve is a NBFC engaged in the business of providing education loans and/or loans to educational institutions.