ICICI Bank Ltd. will acquire a 9.9% stake in BSE Ltd. unit India International Exchange Ltd.

The bank will pay 305.0 million rupees in cash in tranches for the shares.

The deal is subject to regulatory approval.

India International Exchange was established in 2016. It posted a revenue of 22.5 million rupees in fiscal 2019, and a loss after tax of 309.6 million rupees.

As of May 20, US$1 was equivalent to 69.70 Indian rupees.