Kotak Mahindra Bank Limited to invest in Ferbine Pvt Ltd

Kotak Mahindra Bank Limited (the "Bank") has agreed to subscribe to 4,995 Equity Shares in Ferbine Private Limited for a consideration of Rs. 49,950 translating into an equity shareholding of 9.99% on February 25, 2021.

Kotak Mahindra Bank and its subsidiaries in the normal course of business may have business dealings with Ferbine in future at an arm's length. The promoter of Ferbine is Tata Sons Private Ltd. Ms Farida Khambata, a director of the Bank is also on the board of Tata Sons Ltd.

Ferbine has been incorporated on 18 January 2021 to make an application to RBI for the PUE license. The main business of the company would be to operating a pan India umbrella entity for retail payment systems, as would be allowed/licensed by RBI, subject to approval of the PUE application.

Shares of KOTAK MAHINDRA BANK LTD. was last trading in BSE at Rs.1895.35 as compared to the previous close of Rs. 1914.05. The total number of shares traded during the day was 195212 in over 10881 trades.

The stock hit an intraday high of Rs. 1964.95 and intraday low of 1886.9. The net turnover during the day was Rs. 374366714.

Source : Equity Bulls

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