ICICI Bank, one of the India's largest private sector banks, has signed an agreement on March 10, 2022 for investment in National Asset Reconstruction Company (NARCL).

NARCL is an asset reconstruction company. Equity investment would be in tranches with first tranche of equity investment of Rs 70.45 crore expected to be completed by March 31, 2022. Total cash consideration of up to Rs 137.50 crore in tranches to acquire up to 5.0% equity holding in NARCL.

Shares of the bank gained Rs 1.50 or 0.22%, to settle at Rs 678.05. The total volume of shares traded was 638,540 at the BSE (Friday).