News Update

Kotak Securities in talks to acquire 7.5% stake in Delhi NCR based Entroq Technologies


Kotak Securities Ltd., a prime subsidiary of Kotak Mahindra Bank Ltd. has entered into a definitive agreement with Delhi NCR based Entroq Technologies Pvt Ltd. to acquire a 7.50% stake in the latter for INR 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 Mahindra Bank

Making a statement in the stock exchange, the company representatives of Kotak Mahindra Bank said, “Kotak Securities Limited (“KSL”), a subsidiary of Kotak Mahindra Bank Limited (“Bank”), has entered into a definitive agreement with Entroq Technologies Private Limited (”ETPL”) for acquiring ~ 7.50% in the total share capital of ETPL. 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 CCPS)”. 

ETPL is a financial technology company, focused on providing short curated financial news platforms and a social community (Circles) for early-stage investors and millennials.

The acquisition is likely to be concluded by the end of December, the company further noted.

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