ICICI Bank Limited has informed the Exchange about disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
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ICICI Bank's wholly owned subsidiary, ICICI Venture Funds Management Company Limited, managed the ICICI Strategic Investments Fund. Since the Bank held 100% of the units in the Fund, its financials were being consolidated with the Bank's. All residual units of the Fund have now been redeemed by the Bank. As a result, the Fund ceases to be a Group entity of ICICI Bank and will no longer be consolidated into the Bank's financials going forward.
This is a routine corporate housekeeping step with no material impact on shareholders. Since the Bank already held 100% of the fund's units, the deconsolidation is not expected to affect earnings or the stock price meaningfully.