ICICI Pru acquires 8.41% stake in Fino Paytech for Rs 100 Cr

ICICI Pru acquires 8.41% stake in Fino Paytech for Rs 100 cr

ICICI Prudential Life Insurance has acquired 8.41 percent stake in financial technology services provider Fino Paytech (FPL) for a total consideration of Rs 100 crore.

In a BSE filing, ICICI Prudential said it has “completed the acquisition and obtained necessary approval from insurance sector regulator Irdai”.

The company further said it has acquired “8.41 percent of equity, preference shares and warrants in cash for total consideration of Rs 100 crore.” FPL provides technology-based solutions and services related to financial inclusion.

Earlier this month, FPL was granted payment bank licence by the RBI. The company had reported a turnover of Rs 189 crore in the previous fiscal year.