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Kotak Bank to acquire 9.9% stake in KFin technologies
September 21, 2021
Kotak Mahindra Bank on September 20 said it will get an almost 10 percent stake in KFin Technologies after investing ₹310 crore.
“Kotak Mahindra Bank Limited has agreed to buy in to 1,67,25,100 Equity Shares in KFin Technologies Private Limited for a thought of roughly ₹310 crore converting into a value shareholding of 9.98 percent on September 19, 2021,” the private lender said in a BSE recording.
The transaction is subject upon regulatory approvals. KFin is India’s biggest incorporated solutions and service providers for investor and issuer services providing financial technology solutions across resource classes like mutual funds, alternatives, ETFs, insurance and pensions.
KFin services 25 of 44 Indian mutual fund AMCs, as per the organization’s site. It serves more than 300 AIF schemes launched by in excess of 100 fund managers.
KFin is additionally one of the two players giving central record-keeping services to the National Pension System.
Shares of Kotak Mahindra Bank had risen more than 1% after the announcement was made.
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