Bank It has entered into an agreement to subscribe 21,471 fully paid up subscriptions on December 13, it said in a regulatory filing. compulsory variable preference Shares (CCPS) of face value of Rs. 20 on each one premium Of Rs. 9,711 for a total consideration of Rs. 9,731 per ccps will be issued by Mintok.
transactions HDFC Bank will be given 7.75 per cent stake in the company.
Citing the objective of investing in start-ups, the bank said, “financial investment in growing fintech startups offering payments and value-added services to merchants and enhancing digital engagement with merchants.” Mintok is a fintech start-up that provides a payments-based platform offering value-added services to merchants to engage with their customers and enhance their engagement with merchants through digital engagement. For the financial year ending March 31, 2022, Mint there was one turnover 11.28 cr and a net profit of Rs 1.47 cr.
The deal is expected to be completed by January 31, 2023, the release said.
“Since the Bank’s holding in Mintok after completion of the transaction will be less than 10% of the total shares Capital Based on Mintok’s fully diluted basis, the bank will not require regulatory approval to proceed with the transaction,” it said.