For a roughly 10% stake, ICICI Bank would invest Rs 5 crore in Quantum CorpHealth.

22 Sep 2023 , 11:41 AM

According to a letter the bank sent to markets on September 21, ICICI Bank will invest Rs 5 crore in Quantum CorpHealth for 9.99% investment via equity shares and compulsorily convertible preference shares.

The bank estimates that the acquisition will likely be completed by the end of October 2023.

‘Post investment, ICICI Bank will hold 9.99% shareholding in Quantum CorpHealth Private Limited through subscription of 100 equity shares and 3,33,200 CCPS (Compulsorily Convertible Preference Shares),’ the lender stated in a regulatory filing.

In the meantime, the Reserve Bank of India (RBI) recently approved Sandeep Bakhshi’s reappointment as the Managing Director & CEO of ICICI Bank, which was an important development for the banking sector. The bank announced this reappointment in an exchange filing dated September 11; it is scheduled to begin on October 4, 2023, and last until October 3, 2026.

The RBI gave its approval after shareholders voted in favour of it at the annual general meeting that was held on August 30, 2023. At the meeting, all of the shareholders approved Bakhshi’s appointment to the position of CEO of ICICI Bank for the specified time.

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