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.
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The US Federal committee's meeting will conclude on March 16, 2022.
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