Kotak Mahindra Bank to sell 20 crore shares of Airtel Payments Bank to Bharti Enterprises

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Biznextindia : Kotak Mahindra Bank Limited has executed a Share Purchase Agreement for sale of 20 crore equity shares (~8.57% shareholding on a fully diluted basis) of Airtel Payments Bank Limited (APBL) to Bharti Enterprises Limited.

The sale price per share of Rs. 14.74 per equity share of APBL; to be determined in accordance with the terms of the Share Purchase Agreement and cash consideration is equal to or higher than Rs. 294.8 crore; to be determined in accordance with the terms of the Share Purchase Agreement.

APBL is a payments bank duly licensed by RBI to carry out the activities permitted under the license issued by the RBI. APBL commenced its operations as a payments bank, with effect from November 23, 2016. Kotak Mahindra Bank had acquired the shares for an aggregated consideration of Rs. 200 crore invested in tranches during calendar years 2016 and 2017.

Shares of Kotak Mahindra Bank Ltd. was last trading at Rs. 1747.15, up 0.65% on the BSE at 10 am Tuesday.

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