Kotak Mahindra Bank looks to diversify tech portfolio, picks 10% in KFin Tech

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.

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