Kotak Mahindra Bank: Bank buys stake in KFin Technologies, market cap crosses ₹4 lakh crore

Kotak Mahindra Bank

Private lender Kotak Mahindra Bank on Monday said that the financial institution has agreed to shop for a 9.98% stake in KFin Technologies Private Limited for a coins attention of around ₹310 crore. Shares of Kotak Bank surged over 1% at the BSE in Monday’s early offers with its marketplace capitalization crossing ₹four lakh crore.

“Kotak Mahindra Bank Limited has agreed to join 1,67,25,one hundred Equity Shares in KFin Technologies Private Limited for an attention of approximately ₹310 crore translating into an equity shareholding of 9.98% on September 19, 2021. The transaction is concerned with normal final conditions.,” the financial institution knowledgeable in a trade filing.  KFin offers a complete array of monetary generation answers throughout a large spectrum of asset lessons spanning mutual funds, options and pension. KFin additionally gives Registrar and Transfer Agency offerings to Mutual Funds,

Alternative Investor Funds, Wealth Managers and Corporates and gives back-workplace operations and information processing offerings, except being a significant recordkeeping company beneath  the National Pension System (NPS). Based in India, KFin additionally has subsidiaries integrated in Malaysia and Bahrain. KFin had a turnover ₹481 crore in FY21, ₹450 crore in FY20 and ₹162 crore in FY19. The anticipated time completion of the stake acquisition is predicted to be through the stop of October 2021. Post investment, Kotak Mahindra Bank will preserve 1,67,25,a hundred Equity Shares in KFin translating into 9.98% fairness shareholding in KFin, the financial institution added.



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