Kotak Mahindra Bank Subsidiary To Buy Stake In KIPL
NDTV
Kotak Mahindra Bank's securities business subsidiary Kotak Securities will acquire a nearly 10 per cent stake in financial technology company KIPL for Rs 10 crore
Kotak Mahindra Bank's securities business subsidiary, Kotak Securities will acquire a nearly 10 per cent stake in financial technology company Kredent InfoEdge (KIPL) for Rs 10 crore. Under the terms of the deal, Kotak Securities will acquire 100 equity shares of KIPL at a price of Rs 151.61 per share and 6,59,436 cumulative compulsorily convertible preference shares (CCCPS) at Rs 151.61 each. The deal is expected to be completed by the end of July 2021. "Kotak Securities, a subsidiary of Kotak Mahindra Bank, has entered into an agreement with Kredent InfoEdge (KIPL) on July 6, 2021 for the investment of Rs 10 crore for a 9.96 per cent in the total share capital of KIPL," Kotak Mahindra Bank said in a filing to the stock exchanges. CCCPS are cumulative compulsorily convertible preference shares that are convertible into equity shares anytime within 18 months. After 18 months, CCCPS will be automatically converted into equity shares at the prevaling conversion rates. Kotak Securities will explore providing e-learning and digital value-added services to its customers, Kotak Mahindra added.More Related News