ICICI Bank's stake in Fino PayTech (Fino), the promoter of Fino Payments Bank (Fino Bank), increased to 7.4% after the bank converted 40 lakh convertible warrants into equity. ICICI Bank held 4.6% voting rights in Fino. ICICI Bank also revealed it had 4,000,000 Fino convertible warrants.
"In this regard, we wish to notify you that the Fino board of directors has approved the conversion of convertible warrants held by ICICI Bank into fully paid equity shares on February 8, 2022," the lender added.
ICICI Prudential Life Insurance Co and ICICI Lombard General Insurance Co have both invested in Fino. Following the conversion of ICICI Bank warrants, ICICI General now holds 5.1% and ICICI Life 8.5%.
In FY21, Fino PayTech, founded in June 2006, made Rs 860 crore (Rs 8.60 billion). Investors include Bharat Petroleum, Blackstone, IFC, Intel, and LIC. Fino Payments Bank was granted a license to conduct international remittances earlier in January (MTSS).