Kotak Mahindra Bank announced it has completed the acquisition of a nearly 10 percent stake in KFin Technologies for around ₹310 crores.
The private sector lender bank had informed in September about subscribing to 1,67,25,100 equity shares in KFin Technologies Pvt Ltd for a consideration of approximately ₹310 crores. This acquisition translated into an equity shareholding of 9.98 percent.
“We would like to inform you that the bank has completed the said transaction on November 10, 2021,” Kotak said in a regulatory filing on Wednesday.
General Atlantic-backed KFin Technologies is an investor and issuer serving platform that provides financial technology solutions across asset classes like mutual funds, alternatives, insurance, and pension.
It serves 25 mutual funds and has a 35 percent share in equity assets under management.
Kotak stock closed at ₹2,076.80 apiece on BSE, down 0.97 percent from the previous close.
Source: The Mint