Private lender Kotak Mahindra Bank on Monday announced that the bank has agreed to buy around 9.98% stake in KFin Technologies Private Limited for a consideration for ₹310 crore. Shares of Kotak Bank surged over 1% on the BSE in Monday’s early deals with its market capitalization crossing ₹4 lakh crore.
“Kotak Mahindra Bank Limited has agreed to subscribe to 1,67,25,100 Equity Shares in KFin Technologies Private Limited for a consideration of approximately Rs. 310 crore translating into an equity shareholding of 9.98% on September 19, 2021,” the bank informed in an exchange filing.
KFin provides a comprehensive array of financial technology solutions across a broad spectrum of asset classes spanning mutual funds, alternatives and pension.
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