ICICI Bank has approved to change 4,000,000 convertible warrants of Fino PayTech gripped by the Bank into equity and thereby gaining the shareholding in the firm to 7.4%.
The lender announced in a filing that its Board of Directors of Fino has authorized the conversion of convertible warrants carried by ICICI Bank into entirely paid equity shares on February 8, 2022, consequent to which ICICI Bank’s shareholding (based on voting rights) has risen to 7.4%. Initially, ICICI Bank had a shareholding of 4.6% (based on voting rights) in Fino PayTech.
On Tuesday, ICICI Bank shares increase 0.46% to close at ₹790 apiece on NSE. Fino PayTech is mainly connected to providing technology-based solutions and services associated with financial inclusion.
However, the bank on Tuesday made changes in various charges related to its credit cards. The new charges will be implemented from February 10, 2022. The bank has increased various charges including the late payment fee. If the check is returned, the bank will charge the entire due amount at the rate of two per cent. The bank will charge a minimum fee of Rs 500 for this.
