Latest News | ICICI Bank Shareholding in Fino PayTech Rises to 7.4 Pc

New Delhi, Feb 8 (PTI) ICICI Bank's shareholding in Fino PayTech (Fino) -- the promoter of Fino Payments Bank (Fino Bank) -- rose to 7.4 per cent post conversion of 40 lakh convertible warrants of Fino into equity, the bank said on Tuesday.

ICICI Bank had 4.6 per cent shareholding (based on voting rights) in Fino. Further, the bank held 4,000,000 convertible warrants of Fino, ICICI Bank said in a regulatory filing.

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"In this regard, we wish to inform you that the board of directors of Fino has approved the conversion of convertible warrants held by ICICI Bank into fully paid equity shares on February 8, 2022, consequent to which ICICI Bank's shareholding (based on voting rights) has increased to 7.4 per cent," the lender said.

Bank's subsidiaries ICICI Prudential Life Insurance Co (ICICI Life) and ICICI Lombard General Insurance Co (ICICI General) have also invested in Fino.

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Post conversion of warrants of ICICI Bank, the shareholding of ICICI General stands at 5.1 per cent and ICICI Life at 8.5 per cent, it said.

Fino PayTech incorporated in June 2006 had a turnover of Rs 860 crore (Rs 8.60 billion) in FY21.

Among others, it is backed by marquee investors like Bharat Petroleum, Blackstone, IFC, Intel and LIC.

Earlier in January, the RBI granted permission to Fino Payments Bank to commence international remittance business under the Money Transfer Service Scheme (MTSS). This allows the bank to undertake inward cross-border money transfer activities.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)