HDFC Bank invests in Mintoak

HDFC Bank Limited (the "Bank") has executed agreements on December 13, 2022 to subscribe to 21,471 fully paid up Compulsory Convertible Preference Shares ("CCPS") of face value of Rs. 20/- each at a premium of Rs. 9,711/- for an aggregate consideration of Rs. 9,731/- per CCPS to be issued by Mintoak Innovations Private Limited ("Mintoak") and to purchase 10,538 fully paid up Equity Shares of face value of Rs. 10/- each at a premium of Rs. 9,721/- for an aggregate consideration of Rs. 9,731/- per Equity Share from certain existing shareholders of Mintoak ("Transaction").

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.

The cash consideration for the acquisition was Rs. 31,14,79,579 (Rupees Thirty-One Crores Fourteen Lakhs Seventy Nine Thousand Five Hundred Seventy Nine only) to be paid by the Bank.

Post completion of the Transaction, Bank will hold 7.75% of the total share capital of Mintoak on a fully diluted basis.

Shares of HDFC Bank Limited was last trading in BSE at Rs. 1648.35 as compared to the previous close of Rs. 1643.55. The total number of shares traded during the day was 2513494 in over 5848 trades.

The stock hit an intraday high of Rs. 1657.35 and intraday low of 1645.40. The net turnover during the day was Rs. 4146631056.00.

Source : Equity Bulls

Keywords

HDFCBank INE040A01034 HDB Investment MintoakInnovations Fintech StartUp