ICICI Bank redeems all units in ICICI Strategic Investments Fund | Business Upturn

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ICICI Bank Limited has announced the redemption of all residual units in its ICICI Strategic Investments Fund, managed by its wholly owned subsidiary, ICICI Venture Funds Management Company Limited. This move results in the Fund ceasing to be a Group entity of the Bank. The financials of the Fund were previously consolidated with the Bank’s financials as per Accounting Standard 21, since the Bank held 100% of the units in the Fund. With the redemption of all units, the Fund’s financials will no longer be included in ICICI Bank‘s consolidated financial statements. This development marks a significant change in the Bank’s financial reporting structure, reflecting the complete redemption of the Fund’s units. Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

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TOPICS: ICICI Bank ICICI Strategic Investments Fund ICICI Venture Funds Management