HDFC Bank acquires 7.75% stake in fintech startup Mintoak

14 Dec 2022 , 10:29 AM

HDFC Bank Limited has signed agreements to subscribe to 21,471 fully paid-up Compulsory Convertible Preference Shares with a face value of Rs 20 each at a premium of Rs 9,711 for an aggregate consideration of Rs 9,731 per CCPS to be issued by Mintoak Innovations Private Limited.

Further, to purchase 10,538 fully paid-up Equity Shares with a face value of Rs 10 each at a premium of Rs 9,721 for an aggregate consideration of Rs 9,731 per equity share.

Mintoak is a fintech startup that offers a payments-led platform with value-added services for merchants to engage with their customers and for acquirers to improve their engagement with merchants through digital engagement and value-added solutions.

The company expects to complete the transaction by January 31, 2023.

The company stated in its exchange filing that consideration for the transaction has been fixed at Rs31.15 crore.

Further, the bank highlighted that post the completion of the transaction, it will hold 7.75% of the total share capital of Mintoak on a fully diluted basis.

At around 10.32 AM, HDFC Bank was trading at Rs1,658 apiece, up by 0.59% from its previous closing of Rs1,648.35 on the BSE. The scrip opened at Rs1,651.55 and touched an intraday high and low of Rs1,658.05 and Rs1,649.40 respectively.

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