INSUBCONTINENT EXCLUSIVE:
Kotak Mahindra Bank aims to conclude the deal by the end of October, 2021.New Delhi: Private lender Kotak Mahindra Bank on Monday announced
that it will buy nearly 10% stake in KFin Technologies Private Limited for around Rs 310 crore
"Kotak has agreed to subscribe to 1,67,25,100 equity shares in KFin Tech for a consideration of approximately Rs 310 crore translating into
an equity shareholding of 9.98% on September 19, 2021," the lender said in a notification to the exchanges.Kotak mentioned that the
it added.The lender's stock hit an intraday high of Rs 2,037.15 post the announcement but gave up all gains later in the day to finish 0.24%
lower at Rs 2,001.25 amid weak global cues
Kotak's market capitalisation or m-cap briefly hit the Rs 4 lakh crore-mark before settling nearly at Rs 3.97 lakh crore.Dipak Gupta, Joint
Managing Director, Kotak Mahindra Bank said, "We are excited about the future growth prospects of the business and believe that an
investment in KFin, with its significant franchise, will create long-term value for our stakeholders."MV Nair, Chairman, KFin Technologies
said, "KFin is uniquely positioned to leverage its decades of deep capital markets expertise to deliver a differentiated value proposition
to the financial markets in India and abroad
Kotak Mahindra Bank's investment is testimony to the same."KFin Tech is the country's largest integrated solutions and services provider for
investor and issuer services
It provides financial technology solutions across asset classes such as mutual funds (MFs), alternatives, ETFs, insurance and
pensions.According to its website, it services 25 out of 44 Indian mutual fund AMCs
It also serves over 300 AIF schemes launched by more than 100 fund managers.KFin is majority owned by funds managed by global private equity
investor General Atlantic.In another set of development, Kotak told exchanges that its representatives will be speaking to investors at J.P
Morgan India Investor Summit 2021 through an audio/video conference call on Tuesday.Last week, the lender had acquired the vehicle financing
loan portfolio of Volkswagen Finance Private Limited (VWFPL)
VWFPL is the Indian captive financing arm of Volkswagen Group.
