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Kotak Mahindra Bank to acquire 9.9% stake in KFin Technologies

KFin services 25 of 44 Indian mutual fund AMCs, according to the company's website.

September 20, 2021 / 01:03 PM IST
KFin is also one of the two players providing central record-keeping services for the National Pension System.

KFin is also one of the two players providing central record-keeping services for the National Pension System.

 
 
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Kotak Mahindra Bank on September 20 said it will acquire a nearly 10 percent stake in KFin Technologies after investing Rs 310 crore.

"Kotak Mahindra Bank Limited has agreed to subscribe to 1,67,25,100 Equity Shares in KFin Technologies Private Limited for a consideration of approximately Rs. 310 crore translating into an equity shareholding of 9.98 percent on September 19, 2021," the private lender said in a BSE filing.

The transaction is subject to regulatory approvals.

KFin is India's largest integrated solutions and services provider for investor and issuer services providing financial technology solutions across  asset classes such as mutual funds, alternatives, ETFs, insurance and pensions.

KFin services 25 of 44 Indian mutual fund AMCs, according to the company's website. It serves over 300 AIF schemes launched by more than 100 fund managers

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KFin is also one of the two players providing central record-keeping services for the National Pension System.

Shares of Kotak Mahindra Bank had risen more than 1 percent after the announcement was made.

"As a platform of choice for asset managers, investors and corporates, we believe KFin is well-positioned to continue growing its market

position. At Kotak Mahindra Bank, this investment is in line with our stated strategy of making minority investments in businesses which are professionally managed and have deep client entrenchment. 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," Dipak Gupta, Joint Managing Director, Kotak Mahindra Bank said in a statement.

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. With Kotak Mahindra Bank's support, along with the continued support of General Atlantic, an existing shareholder of KFin, we shall be able toachieve greater heights in our technology, business processes, leadership depth and governance."
Moneycontrol News
first published: Sep 20, 2021 01:03 pm

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