India-based leading private sector lenders HDFC Bank and Kotak Mahindra Bank have acquired 9.99 percent stake each in Ferbine Private Limited, a Pan-India Umbrella entity (PUE) for retail payments.
HDFC Bank in its filing with the exchange on Friday said, “We wish to inform you that HDFC Bank has executed an agreement for subscribing 4,995 equity share of the face value of Rs 10 each fully paid up issued by Ferbine Private Limited for a consideration of Rs 10 per equity share.”
“Post investment, the bank will hold 9.99 percent of the equity shareholding of Ferbine for cash consideration of ₹49,950, and the deal will be completed by February end, HDFC Bank said.
“Kotak Mahindra Bank has agreed to subscribe to 4,995 equity shares in Ferbine Private Ltd, for a consideration of Rs 49,950 translating into equity shareholders of 9.99 percent on February 25, 2021,” Kotak Mahindra Bank in its filing added.