HDFC to pay Rs 31 crore for a 7.75% stake in Mintoak

For a cash payment of Rs31.1 crore, private sector lender HDFC Bank will buy 7.75% stake in fintech startup, Mintoak Innovations Private Limited.

Depending on a number of factors, the agreement should be finalized by January 31, 2023.

HDFC Bank Limited has signed agreements to purchase 21,471 fully paid-up compulsorily convertible preference shares (CCPS) with a face value of Rs20 each on December 13, 2022, for an amount totaling Rs9,731 per CCPS, according to the filing.