ICICI Bank to buy stake in BSE subsidiary INX for Rs 31 crore

India International Exchange (INX) - a wholly owned subsidiary of the BSE - is India's first international exchange at International Financial Services Centre (IFSC) in GIFT City.

New Delhi:ICICI Bank Monday said it has entered into an agreement with the BSE to buy stake in its subsidiary INX - located at GIFT City Gujarat - for nearly Rs 31 crore.

India International Exchange (INX) - a wholly owned subsidiary of the BSE - is India's first international exchange at International Financial Services Centre (IFSC) in GIFT City.

The investment is subject to regulatory approvals and comes at a cash consideration of up to Rs 305 million in tranches to acquire up to 9.9 per cent shareholding in INX, ICICI Bank said in a regulatory filing.

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"Post the proposed investment, ICICI Bank would have a shareholding of up to 9.9 per cent in INX," the filing said.

INX was incorporated in September 2016 and has posted a loss of Rs 31 crore in 2018-19. The total revenue was Rs 2.25 crore.

During 2017-18, INX had earned revenues of Rs 1.14 crore, while in 2016-17 the exchange earned Rs 3,225.

Stock of ICICI Bank closed 4.48 per cent higher at Rs 407.80 on the BSE.