ICICI Bank has bought approx 18% stake in Gammon Infrastructure Projects, via invocation of pledged shares.

Gammon Infrastructure Projects Limited (GIPL), is an infrastructure project development company incorporated by Gammon India Ltd, to take part in the development of infrastructure projects on a public private partnership basis.

In a BSE filing the company stated, “ICICI Bank Ltd (India) has acquired 168,999,900 shares of Gammon Infrastructure Projects Ltd through pledge invocation. Accordingly, at May 14 2018 the total equity shareholding of the Bank stands at 17.94%.” Further, it added that before the acquisition, ICICI bank’s holding in Gammon Infrastructure was nil.

Read EquityPandit’s Technical Analysis of ICICI Bank Outlook for the Week