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ICICI Bank Ltd has acquired 3.6 crore (36 million) shares, aggregating 12.65 per cent of Himachal Futuristic Communications Ltd, due to a default in loan payment by the latter.
The mode of acquisition is through loan conversion (the loan agreement stipulated condition for conversion into equity shares on default in payment), ICICI Bank informed the National Stock Exchange on Tuesday.
The date of acquisition of shares was August 27, 2003.