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ICICI Bank to buy stake in digital payments startup

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ICICI Bank to buy stake in digital payments startup

India's ICICI Bank Ltd. will acquire a 9.9% stake in Indian digital payments startup Tapits Technologies Pvt. Ltd. for 9.9 million rupees.

The bank said it will acquire 100 equity shares of 10 rupees each in Tapits Technologies at a premium of 8,998.20 rupees each, and 999 compulsorily convertible cumulative preference shares of 100 rupees each at a premium of 8,908.20 rupees each.

The company expects to complete the acquisition by the end of February.

Tapits Technologies allows merchants to accept digital payments from customers through biometric authentication, according to a Form 6-K filed Feb. 1.

As of Feb. 1, US$1 was equivalent to 64.0 Indian rupees.