On Monday, ICICI Bank said it has entered into an agreement with the BSE to buy stake in its subsidiary INX, at GIFT City Gujarat, for nearly Rs 31 crore.

India International Exchange (INX) is a wholly owned subsidiary of the BSE that is also India's first international exchange at International Financial Services Centre (IFSC) in GIFT City.

In a regulatory filing, ICICI Bank said that the deal comes at a cash consideration of up to Rs 305 million in tranches to acquire up to 9.9 percent shareholding in INX. The investment is subject to regulatory approvals.

"Post the proposed investment, ICICI Bank would have a shareholding of up to 9.9 percent in INX," the filing said.

Incorporated in September 2016, INX has posted a loss of Rs 31 crore in 2018-19. Its total revenue was Rs 2.25 crore. During the financial year 2017-18, INX earned revenues of Rs 1.14 crore.

Shares of ICICI bank rose by over 5 percent to hit an intra-day high of Rs 410.80 apiece on NSE.

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