Indian private lender Kotak Mahindra Bank has closed the deal worth nearly $42.09m (INR3.1bn) to purchase a 9.98% stake in Kfin Technologies.
In September this year, the bank revealed plans to acquire 16.7 million equity shares in KFin Technologies.
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In a regulatory filing, the bank said: “We would like to inform you that the Bank has completed the said transaction on 10 November 2021.”
Kfin Technologies offers financial solutions across a wide range of asset classes such as insurance, pension, mutual funds, and alternatives.
It is backed by funds managed by General Atlantic.
The fintech is said to cater to key Indian mutual fund asset management companies (AMC) AMCs and operates in the alternatives and private wealth management market as well.
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By GlobalDataAt the time of the deal’s announcement, Kotak Mahindra Bank joint managing director Dipak Gupta said: “As a platform of choice for asset managers, investors and corporates, we believe KFin is well-positioned to continue growing its market position.
“At Kotak Mahindra Bank, this investment is in line with our stated strategy of making minority investments in businesses which are professionally managed and have deep client entrenchment.”
Recently, Kotak Mahindra Bank signed a deal to divest its 8.6% stake in Airtel Payments Bank to Bharti Enterprises.
According to media reports, the lender agreed to sell 200 million equity shares in Airtel Payments Bank for nearly $40.54m (INR3bn).
