Private sector lender ICICI Bank announced that it has executed a share purchase agreement (SPA) with NIIT Limited and NIIT Institute of Finance Banking and Insurance Training Ltd (NIIT-IFBI) for the sale of its entire 18.8 per cent stake in NIIT-IFBI.
The transaction, approved by the Bank’s board of directors, involved a consideration of Rs 6.11 crore. After the completion of the sale, NIIT-IFBI ceased to be an associate of the Bank, effective immediately.
In a regulatory filing on June 11, the banking major said, “The Bank has executed the share purchase agreement with NIIT Limited and NIIT- IFBI (SPA) today at 10.06 a.m. in relation to the above. In accordance with the SPA, the Bank has sold its entire shareholding of 18.8% in equity shares of NIIT-IFBI to NIIT Limited for a consideration of Rs 61.1 million and consequently, NIIT-IFBI has ceased to be an associate of the Bank effective today.”
In another filing on the exchanges, NIIT Ltd also announced that the company board has acquired 1,900,000 equity shares of NIIT- IFBI, a subsidiary of the company, constituting 18.79 per cent of the aggregate issued and paid-up share capital from ICICI Bank Limited.
The statement on the exchanges said, “This is to update that the Company on June 11, 2025, has acquired 1,900,000 equity shares of IFBI constituting 18.79% of the aggregate issued and paid-up share capital from ICICI Bank Limited; and 50,000 equity shares of IFBI constituting 0.49% of the aggregate issued and paid-up share capital from Individual shareholders, at an aggregate consideration of Rs 62.7 million.”
Post this acquisition, NIIT Limited now holds 100 per cent of the aggregate issued and paid up share capital of IFBI. Accordingly, IFBI has become a wholly owned subsidiary of NIIT Limited.
Following the announcements, shares of ICICI Bank were down 0.39 per cent at Rs 1,425.20 as of 11:00 am, while shares of NIIT Ltd rose 0.36 per cent to Rs 140.25.