Stake sale by ICICI Bank in GSTN
One of the Private sector banks, and a stake holder in GSTN, ICICI Bank has exited the GSTN, the not to profit non Government company facilitating collection of the indirect tax, by selling its entire 10 per cent stake to as many as 13 state governments.
The Stake transfer to various State Governments is scheduled to be completed by the end of March 2020. The bank will transfer 0.14 per cent stake to the Assam government and 0.81 per cent stake to the Telangana government. Besides, it will transfer Goa, Kerala, Manipur, Tripura, West Bengal, Delhi, Jharkhand, Uttar Pradesh, Chhattisgarh, Madhya Pradesh and Arunachal Pradesh governments 0.82 per cent stake each. ICICI Bank has exited the company following the government of India’s decision to make GSTN into a public sector entity last year.