HDFC Bank Limited ('Bank') has executed an agreement for subscribing to 41,228 debentures ('CCDs') issued by Lentra AI Private Limited ('Lentra' or the 'Company') which are compulsorily convertible into 41,228 equity shares of Lentra at Rs. 1,697.87/- per equity share 'Transaction').
Lentra was incorporated on July 30, 2018 to take over the software business undertaking of Softcell Technologies Limited ("STL") in a scheme of demerger ("Demerger") among STL, Softcell Technologies Global Private Limited and Lentra and their respective shareholders and creditors, approved by order dated June 27, 2019 passed by the National Company Law Tribunal.
The Transaction is for acquiring 1.823% equity stake in Lentra (on a fully diluted basis) as a strategic investment by the Bank (upon conversion of CCDs).
Being an existing shareholder of STL, Bank is also an existing shareholder of Lentra pursuant to the Demerger. Equity stake held by Bank in Lentra as on date: 12%.
Lentra is raising equity funds in a capital raising round in which Bank is partially participating to the extent specified above so that the Bank's shareholding in Lentra post completion of the said equity fund raising will be: 9.998% (on a fully diluted basis).
Total revenue for the period from July 30, 2018 to March 31, 2019: Rs. 12 crore.
Shares of HDFC Bank Ltd was last trading in BSE at Rs.1265.45 as compared to the previous close of Rs. 1283.15. The total number of shares traded during the day was 116296 in over 4390 trades.
The stock hit an intraday high of Rs. 1284 and intraday low of 1262.3. The net turnover during the day was Rs. 147786902.