Back to Career News

Kotak Bank to buy nearly 10% stake in KFin tech

November 11, 2021

Kotak Bank to buy nearly 10% stake in KFin tech

Kotak Mahindra Bank announced that it will buy nearly 10% stake in KFin Technologies Pvt Ltd. for around ₹310cr. Kotak has agreed to subscribe to 1,67,25,100 equity shares in KFin tech for a consideration of approx. ₹310cr translating into an equity shareholding of 9.98% in September.

Kotak mention the indicative time for completion of the deal is by the end of October month. The Transaction is subject to customary closing conditions.

The lender’s stock hit an intraday high of ₹2037.15 post the announcement but gave up all gains later in the day to end 0.24% lower at ₹2001.24 amid weak worldwide cues. Kotak’s market capitalization hit the ₹4 lakh crore mark before settling nearly at ₹3.97 lakh crore.

Dipak Gupta, Joint Managing Director, Kotak Bank said, “We are excited about the future growth prospects of all business and believe that an investment in KFin, with its significant franchise, will create value for our stakeholders”.

KFin Tech is the nation’s largest integrated solutions and service provider for investor issuer services.

Important Links:

Recommended for you ...

GT Force Partners with ESAF Small Finance Bank to Offer Financing for Electric Two-Wheelers
GT Force Partners with ESAF Small Finance Bank to Offer Financing for Electric Two-Wheelers

June 24, 2024

Kotak Mahindra Bank to Open 200 New Branches Despite RBI Restrictions
Kotak Mahindra Bank to Open 200 New Branches Despite RBI Restrictions

June 24, 2024

SBI Plans to Open 400 Branches This Year as Part of Network Expansion
SBI Plans to Open 400 Branches This Year as Part of Network Expansion

June 24, 2024

Chat on WhatsApp