An announcement made by ICICI Bank on Tuesday regarding the deal concerned with the acquisition of 9.09% stake in Myclassboard Educational Solutions Private Limited (MESPL). Myclassboard Educational Solutions Private Limited is an educational technology company set up in December 2009 and provides an online school management platform and services.

According to the statement made by the lender in a regulatory filing, the Private sector lender - ICICI Bank has entered into an agreement dated December 28, 2020, concerning an investment in Myclassboard Educational Solutions Private Limited. The acquisition will be done through cash consideration of ₹4.5 crores and is expected to be completed by end of February 2021.

Post investment the private sector lender will hold a 9.09% stake in MESPL through the acquisition of 100 equity shares and 104,890 Cumulative Compulsorily Convertible Preference Shares on a fully diluted basis. Since the acquisition of shareholding is below 10%, regulatory approval is not required in this deal.