Thursday, December 9, 2021
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Kotak Mahindra Bank looks to diversify tech portfolio, picks 10% in KFin Tech

The bank had subscribed to 1,67,25,100 equity shares in KFin Technologies Pvt Ltd for a consideration of approximately Rs 310 crore

In a move to diversify its technology portfolio, top Indian private sector Bank Kotak Mahindra has announced to complete the acquisition of a nearly 10% stake in KFin Technologies for around Rs 310 crore.

According to a regulatory filing by Kotak Mahindra in September, the bank had informed about subscribing to 1,67,25,100 equity shares in KFin Technologies Pvt Ltd for a consideration of approximately Rs 310 crore, which translates into an equity shareholding of 9.98% in the company.

“We would like to inform you that the bank has completed the said transaction on November 10, 2021,” Kotak said in a regulatory filing. General Atlantic-backed KFin Technologies is an investor and issuer serving platform that provides financial technology solutions across asset classes like mutual funds, alternatives, insurance, and pension.

KFin Technologies serves as many as 25 mutual funds and has a 35% share in equity assets under management.

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