A share buy settlement has been executed by the financial institution for divestment of 20,00,00,000 fairness shares (8.57 per cent stake) held by Kotak Mahindra Financial institution Ltd in APBL.
These shares have been acquired for Rs 200 crore invested in tranches throughout calendar years 2016 and 2017, the financial institution stated in a regulatory submitting.
The sale is anticipated to be accomplished by September 15 or earlier than, for “money consideration equal to or increased than Rs 294.Eight crore; to be decided in accordance with the phrases of the share buy settlement,” it added.
APBL was integrated on April 1, 2010, beneath the RBI license for funds banks.
It commenced its operations as a funds financial institution, with impact from November 23, 2016. The corporate’s turnover was Rs 627.19 crore in FY 20.
The financial institution stated it doesn’t require any governmental or regulatory approvals for the proposed transaction.
Bharti Enterprises has acquired no objection from the RBI to allow execution of the proposed transaction, it stated.
Inventory of Kotak Mahindra Financial institution traded at Rs 1747.40 apiece on BSE, up 0.66 per cent from the earlier shut.