HDFC Bank to acquire 7.75% stake in fintech start-up Mintoak
- HDFC Bank to acquire 7.75% stake in Mintoak: The deal is likely to be completed by January 31, 2023, subject to conditions precedent
HDFC Bank has acquired a minority stake in fintech start-up Mintoak for a cash consideration of ₹31.1 crore, the bank said in a regulatory filing today.
“We wish to inform you that HDFC Bank Limited has executed agreements on December 13, 2022 to subscribe to 21,471 fully paid up Compulsory Convertible Preference Shares (“CCPS”) of face value of ₹20 each at a premium of ₹9,711 for an aggregate consideration of ₹9,731 per CCPS to be issued by Mintoak Innovations Private Limited and to purchase 10,538 fully paid up Equity Shares of face value of ₹10 each at a premium of ₹9,721 for an aggregate consideration of ₹9,731 per Equity Share from certain existing shareholders of Mintoak,” HDFC Bank informed via a regulatory filing.
HDFC Bank will hold a 7.75 percent stake in Mintoak post-transaction.
The deal is likely to be completed by January 31, 2023, subject to conditions precedent. Since the shareholding of the Bank in Mintoak post completion of the transaction would be below 10% of the total share capital of Mintoak on a fully diluted basis, the Bank would not require regulatory approvals to proceed with the transaction.
Shares of HDFC Bank were trading at RS 1652.30 apiece on BSE and at Rs1,659.10 at NSE.
Mintoak is a fintech start-up that provides a payments-led platform offering value-added services to merchants for engaging with their customers and for acquirers to enhance their engagement with merchants through digital engagement and value-added solutions.
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First Published:14 Dec 2022, 10:46 AM IST
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