ICICI Bank has acquired nearly 18% stake in Gammon Infrastructure Projects through invocation of pledged shares.

“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%,” Gammon Infrastructure Projects said in a BSE filing today.

Prior to acquisition, the ICICI Bank Ltd (India)’s holding in the Gammon Infrastructure Projects was nil, the filing added.

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