Kotak Mahindra Bank to acquire 9.98% of KFin Technologies for Rs310cr

The transaction is expected to complete by October 2021 end.

Sep 20, 2021 03:09 IST India Infoline News Service

Kotak Mahindra Bank on Monday announced its plan to subscribe about 1,67,25,100 Equity Shares in KFin Technologies for a consideration of approximately Rs310cr representing 9.98% shareholding in the latter.

KFin provides a comprehensive array of financial technology solutions across a broad spectrum of asset classes spanning mutual funds, alternatives and pensions. KFin provides Registrar and Transfer Agency services to Mutual Funds, Alternative Investor Funds, Wealth Managers and Corporates. KFin also provides back-office operations and data processing services, besides being a central recordkeeping agency under the National Pension System.

The transaction is expected to complete by October 2021 end.

On Sensex, Kotak Bank stock closed at Rs2001.25 per piece down 0.24%. The stock has touched an intraday high and low of Rs2037.15 per piece and Rs1981.20 per piece respectively. 

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