Kotak Mahindra Bank to sell 20 crore shares of Airtel Payments Bank to Bharti Enterprises
Kotak Mahindra Bank will sell 20 crore shares held in Airtel Payments Bank (APBL) to Bharti Enterprises for a cash consideration of Rs 294 crore.
A share purchase agreement has been executed by the bank for divestment of 20,00,00,000 equity shares (8.57% stake) held by Kotak Mahindra Bank in APBL. These shares were acquired for Rs 200 crore invested in tranches during calendar years 2016 and 2017.
The sale is expected to be completed by September 15 or before, for cash consideration equal to or higher than Rs 294.8 crore; to be determined in accordance with the terms of the share purchase agreement.
Kotak Mahindra Bank does not require any governmental or regulatory approvals for the proposed transaction.
Bharti Enterprises has received no objection from the RBI to enable execution of the proposed transaction.
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