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Kotak Mahindra Bank, HDFC Bank to acquire 9.99% each in Ferbine

Ferbine was incorporated on January 18, 2021, for setting up a pan-India umbrella entity (PUE) for retail payments.

February 26, 2021 / 03:19 PM IST
 
 
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Private sector lenders Kotak Mahindra Bank and HDFC Bank are to acquire 9.99 percent of the equity shareholding of Ferbine Private Limited, both lenders said in their respective BSE filings on February 25.

"We wish to inform you that HDFC Bank has executed an agreement for subscribing to 4,995 equity shares of the face value of Rs 10 each fully paid up issued by Ferbine Private Limited for a consideration of Rs 10 per equity share," said HDFC Bank in a BSE filing.

Post investment, HDFC Bank will hold 9.99 percent of the equity shareholding of Ferbine for cash consideration of Rs 49,950.

Kotak Mahindra Bank said: "Kotak Mahindra Bank has agreed to subscribe to 4,995 Equity Shares in Ferbine Private Limited for a consideration of Rs 49,950 translating into an equity shareholding of 9.99 percent on February 25, 2021."

Ferbine was incorporated on January 18, 2021, for setting up a pan-India umbrella entity (PUE) for retail payments. After the RBI approves the PUE application, the main business of Ferbine would be to operate a pan-India umbrella entity for retail payment systems.

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Shares of Kotak Mahindra Bank and HDFC Bank traded 5.31 percent and 3.77 percent lower, respectively, at 1400 hours on BSE.
Moneycontrol News
first published: Feb 26, 2021 03:03 pm

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