Kotak Bank offloads 2% stake in KFin Tech for ₹208 Crore

13 Mar 2024 , 11:06 AM

Kotak Mahindra Bank has sold its 2% interest in KFin Technologies for ₹208 Crore in the open market transactions.

The private sector lender sold 3,470,000 shares of KFin Technologies for ₹600.28 each, as reported in BSE bulk sales data.

By the end of December, Kotak Mahindra Bank possessed a 9.80% share in KFin Technologies. The divestment of this stake induced a selling trend in the stock.

KFin Tech, the leading investor solutions supplier to Indian mutual funds, announced a 25% year-on-year increase in consolidated net profit to ₹67 Crore in the December quarter, driven by strong topline and operating results.

Consolidated revenue increased 16.3% to ₹219 Crore, with domestic mutual fund investor solutions accounting for 69% of the top line and growing 17% year-on-year to ₹152 Crore during the period.

Kotak Mahindra Bank (the Bank) is the Kotak Group’s flagship firm. It is one of the fastest-growing banks and most admired financial organisations in India. The bank provides transaction banking, lending verticals, initial public offerings (IPOs), and working capital loans.

The Bank’s main business activities are divided into consumer banking, commercial banking, corporate banking, treasury, and other financial services. The Bank and its subsidiaries provide its clients with a complete variety of financial products and services.

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