BharatPe Founder Says Kotak Botched Up IPO, Bank Raises "Abusive Call"
NDTV
"To the shock and surprise of our clients... Kotak informed our clients that it would not be able to provide IPO financing for Nykaa IPO," the lawyer of BharatPe co-founder Ashneer Grover and his wife Madhuri Grover said
The co-founder of payments firm BharatPe has sent a legal notice to Kotak Mahindra Bank in a dispute over shares of FSN E-Commerce Ventures Ltd, which owns the e-tailer Nykaa, whose blockbuster initial public offering last year valued the Indian company at nearly Rs 96,000 crore.
BharatPe co-founder Ashneer Grover and his wife Madhuri Grover have alleged that Kotak Mahindra Bank went back on their deal to get them shares worth Rs 500 crore in FSN E-Commerce Ventures Ltd after Nykaa's initial public offering, or IPO, was launched.
The bank responded saying it is looking at legal options against Mr Grover for using "inappropriate language" in a call with a Kotak Mahindra Bank employee. Last week, an audio clip surfaced on social media where a couple is purportedly speaking to who appears to be a relationship manager from a bank. The man hurled abuses and the bank employee is heard pacifying him.
Mr Grover has called the audio clip "fake".
