India-based Yes Bank Ltd. said June 12 that it is acquiring a 9.95% stake in India International Exchange Ltd., or India INX, for an aggregate amount of 105.0 million Indian rupees.
The lender will purchase 104,969,461 equity shares in the bourse from primary market.
Yes Bank will also buy shares in India INX in tranches for up to 310.4 million rupees, on the condition that the bank's investment in the exchange does not exceed 9.95% of the latter's post-issue paid-up share capital. The transactions will take place by the 2021-2022 fiscal year.
India INX, a wholly owned unit of BSE Ltd. established in 2017, is the country's first international bourse.
As of June 12, US$1 was equivalent to 67.48 Indian rupees.
