Kotak Mahindra Bank completes acquisition of 10 per cent stake in KFin Technologies

Kotak Mahindra Bank NSE -0.53 % on Wednesday said it has completed the acquisition of a nearly 10 per cent stake in KFin Technologies for around Rs 310 crore.

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, translating into an equity shareholding of 9.98 per cent.

“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.

It serves 25 mutual funds and has a 35 per cent share in equity assets under management.

Kotak stock closed at Rs 2,076.80 apiece on BSE, down 0.97 per cent from the previous close.

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