Kotak Securities Limited (KSL), a subsidiary of Kotak Mahindra Bank Limited, today said it will acquire 7.50 percent stake in Antrock Technologies Private Limited (ETPL). 3 crores.
Kotak Securities will be acquired in the context of a primary share issue of 100 equity shares and 10,568 cumulative compulsorily convertible preference shares. 3 crores.
“Kotak Securities Limited, a subsidiary of Kotak Mahindra Bank Limited (Bank), has entered into a definitive agreement with Antrock Technologies Private Limited (ETPL) on December 17, 2021 for acquiring 7.50% of the total share capital of ETPL,” Kotak Securities said in a statement to the stock exchange.
The company stated that the total cash return is ” 3 crore by way of 100 equity shares for a total share of 7.5 per cent in the share capital of ETPL 2,811.99 and 10,568 CCCPS for each 2,811.99 each (face value) 10 more premium 2,801.99) for both Equity and CCCPS”.
ETPL is a fintech company focused on providing a short-curated financial news platform and a social community (Circles) for early-stage investors and Millennials.
The acquisition is expected to close by the end of December, the company said.
Read also: Kotak Mahindra AMC will launch India’s first Nifty Alpha 50 ETF. details here
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