Kotak Securities Ltd. (KSL), a subsidiary of Kotak Mahindra Bank Ltd, has entered into a definitive agreement with Entroq Technologies Pvt Ltd. (ETPL) to acquire a 7.50% stake in the latter for Rs 3 crore.
The acquisition will be executed in terms of primary share issuance of 100 equity shares and 10,568 cumulative compulsorily convertible preference shares to KSL.
"Kotak Securities Limited ("KSL"), a subsidiary of Kotak Mahindra Bank Limited ("Bank"), has entered into a definitive agreement with Entroq Technologies Private Limited ("ETPL") dated December 17, 2021, for acquiring ~ 7.50% in the total share capital of ETPL," the company said in a stock exchange statement.
Kotak Securities further stated that the total cash consideration is "Rs 3 crore for a total 7.5 per cent stake in the share capital of ETPL by way of 100 equity shares for Rs 2,811.99 each and 10,568 CCCPS for Rs 2,811.99 each (face value of Rs 10 and premium of Rs 2,801.99 for both equity and CCCPS)".
The acquisition is likely to be concluded by the end of December, the company further noted.
ETPL is a financial technology company, focused on providing short curated financial news platform and a social community (Circles) for early-stage investors and millennials.
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