Kotak Mahindra Bank on Tuesday said that it will sell 20 crore shares held in Airtel Payments Bank (APBL) to Bharti Enterprises Ltd for a cash consideration of Rs 294 crore.
A share purchase agreement has been executed by the bank for divestment of 20,00,00,000 equity shares (8.57 percent stake) held by Kotak Mahindra Bank Ltd in APBL. These shares were acquired for Rs 200 crore invested in tranches during calendar years 2016 and 2017, the bank said in a regulatory filing.
ALSO READ | Catch all market related updates here
The sale is expected to be completed by September 15 or before, for "cash consideration equal to or higher than Rs 294.8 crore; to be determined in accordance with the terms of the share purchase agreement," it added.
Kotak Mahindra Bank further said it does not require any governmental or regulatory approvals for the proposed transaction.
"Bharti Enterprises has received no objection from the RBI to enable execution of the proposed transaction," it added.
-With inputs from PTI
(Edited by : Anshul)
First Published: Aug 31, 2021 1:07 PM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
INDIA bloc will win majority seats in Bihar, says Tejashwi Yadav
May 15, 2024 4:20 PM
Lok Sabha Election 2024 — how regional parties are challenging national giants in Phase-4
May 15, 2024 6:17 AM
Supreme Court refuses plea seeking 6-year poll ban on PM
May 14, 2024 7:14 PM
Punjab Lok Sabha elections 2024: A look at BJP candidates
May 14, 2024 7:06 PM