ICICI Bank Ltd. has entered into an agreement with fintech startup Thillais Analytical Solutions Pvt. Ltd. to buy 9.65% stake in the company for reportedly Rs 1.1 crore.

Thillais Analytical Solutions operates a neo-banking platform Vanghee, an open payment platform that can integrate with any ERP / Accounting applications. The first ever application to provide Post-dated digital payments similar to paper based Post-dated Cheques.

Vanghee facilitates connected banking solutions for corporates and micro, small and medium enterprises (MSMEs) and helps banks deepen their customer relationships.

The deal agreed for a cash consideration of Rs 1.1 crore (Rs 11 million) is expected to be closed by the end of March 2021, ICICI Bank said in a regulatory filing on Tuesday.

Post the investment, ICICI Bank will hold 9.65% shareholding, on a fully diluted basis, in Thillais Analytical Solutions through an acquisition of 10 equity shares and 100 compulsory convertible preference shares.

On Tuesday, ICICI Bank shares fell 2.30% to Rs 658.50 apiece on the BSE even as the benchmark Sensex ended the day 0.10% lower at 52,104.17 points.

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