Kotak Mahindra Bank share price gains on acquiring 10% stake in KFin Technologies

Kotak Mahindra Bank share price rose more than 1 percent after the company agreed to buy a 10 percent stake in KFin Technologies Private Limited.

The company on September 19, 2021 agreed to subscribe to 1,67,25,100 equity shares in KFin Technologies Private Limited for approximately Rs 310 crore, amounting to a 9.98 percent shareholding, the private lender said in a press release.

The transaction is subject to customary closing conditions, it added. The transaction does not constitute a related party transaction and the promoter/ promoter group/ group companies have no interest in KFin, it said.

The transaction is likely to get completed by the end of October 2021.

At 1032 hours, Kotak Mahindra Bank was quoting at Rs 2,024.10, up Rs 18.10, or 0.90 percent, on the BSE.

The share touched a 52-week high of Rs 2,048.95 on February 16, 2021 and a 52-week low of Rs 1,231.20 on September 25, 2020. It is trading 1.21 percent below its 52-week high and 64.4 percent above its 52-week low.