ICICI Bank to Invest INR 5 Crore in Quantum CorpHealth, Securing Nearly 10% Ownership Stake

In a strategic move, ICICI Bank is all set to infuse INR 5 crore into Quantum CorpHealth, securing a robust 9.99% ownership interest through a combination of equity shares and compulsorily convertible preference shares. This development was officially communicated by the bank to stock exchanges on September 21.

The transaction is anticipated to reach completion by the end of October 2023, as per ICICI Bank’s projections.

Following this investment, ICICI Bank will possess a substantial 9.99% shareholding in Quantum CorpHealth Private Limited, achieved through the subscription of 100 equity shares and 3,33,200 CCPS (Compulsorily Convertible Preference Shares), as disclosed in a regulatory filing by the lender.

In another pivotal development for the banking sector, the Reserve Bank of India (RBI) recently granted its seal of approval for the reappointment of Sandeep Bakhshi as the Managing Director & CEO of ICICI Bank. This significant reappointment is slated to come into effect from October 4, 2023, and will remain in force until October 3, 2026, as revealed in the bank’s exchange filing dated September 11.

This nod from the RBI follows a resounding endorsement by shareholders during the Annual General Meeting held on August 30, 2023, where Bakhshi’s return to the helm of ICICI Bank for the specified period received overwhelming support.

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