Kotak Mahindra Bank to invest Rs 310 cr for 9.99 pc stake in KFin Tech

PTI | Mumbai | Updated: 20-09-2021 12:48 IST | Created: 20-09-2021 12:42 IST
Kotak Mahindra Bank to invest Rs 310 cr for 9.99 pc stake in KFin Tech
Representative Image Image Credit: Twitter(@KotakBankLtd)
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Kotak Mahindra Bank on Monday said it will be investing Rs 310 crore to pick up a little less than 10 percent stake in General Atlantic-backed KFin Technologies.

KFin is an investor and issuer serving platform that provides financial technology solutions across asset classes like mutual funds, alternatives, insurance, and pension. It serves 25 mutual funds and has a 35 percent share in equity assets under management.

Kotak Mahindra Bank's joint managing director Dipak Gupta said the investment is in line with the private sector lender's stated strategy of making minority investments in businesses that are professionally managed and have deep client entrenchment.

''As a platform of choice for asset managers, investors, and corporates, we believe KFin is well-positioned to continue growing its market position,'' Gupta said, adding the bet will create long-term value for its stakeholders.

Commenting on the development, KFin's chairman M V Nair said: ''With Kotak Mahindra Bank's support, along with the continued support of General Atlantic, an existing shareholder of KFin, we shall be able to achieve greater heights in our technology, business processes, leadership depth, and governance.'' The lender's vision to deliver outstanding value straightforwardly complements with KFin's commitment to providing unparalleled client outcomes on demand, KFin's chief executive Sreekanth Nadella said.

''We believe this investment shall serve as a strong foundation for KFin to build next-generation tech in solutions for financial infrastructure institutions,'' Nadella added.

The Kotak scrip was trading 0.17 percent down at Rs 2,002.55 apiece on the BSE at 1234 hrs, as against a 0.21 percent correction on the benchmark.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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