BoB and Kotak Mahindra Bank exit Equifax Credit Information Services

State-owned Bank of Baroda (BoB) on Wednesday said it has exited from credit information bureau Equifax Credit Information Services for a consideration of Rs 91.03 crore. In a regulatory filing, BoB sold 1,35,00,000 shares of a face value of Rs 10 for Rs 67.43 per unit.

Kotak Mahindra Bank also existed from Equifax Credit Information Services. The private sector lender sold 5.56 per cent stake in the credit information bureau for a consideration of Rs 50.5 crore, Kotak Mahindra Bank said in a separate filing.

The bank sold 75,00,000 equity shares at Rs 67.43 per unit, it said. "BOB today (on Wednesday) executed a share purchase agreement, for sale of its entire equity stake of 10 per cent in Equifax Credit Information Services Private Ltd," it said.

This is part of capital-raising exercise by exiting non-core business. Meanwhile, the bank has raised Rs 2,000 crore through Basel-III-compliant bonds to fund business growth.

The bank has allotted 20,000 bonds to 18 investors, the bank said in a separate filing.