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.
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.
“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.