Kotak Mahindra Bank Ltd to sell 20 crore shares of Airtel Payments Bank Ltd

Kotak Mahindra Bank Limited ('Bank') has executed a Share Purchase Agreement for sale of 20,00,00,000 equity shares of Airtel Payments Bank Limited (APBL) to Bharti Enterprises Limited.

APBL is a payments bank duly licensed by the Reserve Bank of India ("RBI") to carry out the activities permitted under the license issued by the RBI.

The sale price per share of ~Rs. 14.74 per equity share of APBL; to be determined in accordance with the terms of the Share Purchase Agreement and cash consideration is equal to or higher than Rs. 294.8 crore; to be determined in accordance with the terms of the Share Purchase Agreement.

Shares of Kotak Mahindra Bank Ltd. was last trading in BSE at Rs. 1735.9 as compared to the previous close of Rs. 1715.9. The total number of shares traded during the day was 118520 in over 6393 trades.

The stock hit an intraday high of Rs. 1739.35 and intraday low of 1717. The net turnover during the day was Rs. 205171394.

Source : Equity Bulls

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