Kotak Mahindra Bank purchases 9.9% stakes in KFin Technologies

Kotak Mahindra will be acquiring almost 10 % stake in KFin Technologies after investing Rs.310 crores resulting in an increase in the shares of the bank over 1% on the BSE 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 crores translating into an equity shareholding of 9.98 percent on September 19, 2021," the bank said in a BSE filing.

The expected time of completion of the stake accession is expected to be by the end of October 2021. Following the investment, Kotak Mahindra Bank will hold 1,67,25,100 Equity Shares in KFin translating into 9.98% equity shareholding in KFin, the bank added.