HDFC Bank has executed agreements on 13 December 2022 to subscribe to 21,471 fully paid up compulsory convertible preference shares (CCPS) of face value of Rs. 20/- each at a premium of Rs. 9,711/- for an aggregate consideration of Rs. 9,731/- per CCPS to be issued by Mintoak Innovations (Mintoak) and to purchase 10,538 fully paid up equity shares of face value of Rs. 10/- each at a premium of Rs. 9,721/- for an aggregate consideration of Rs. 9,731/- per equity share from certain existing shareholders of Mintoak (transaction).
The transaction is expected to be completed by 31 January 2023 for a cash consideration of Rs 31.14 crore. Post completion of the transaction, the Bank will hold 7.75% of the total share capital of Mintoak on a fully diluted basis.
Mintoak is a fintech start-up that provides a payments-led platform offering value-added services to merchants for engaging with their customers and for acquirers to enhance their engagement with merchants through digital engagement and value-added solutions.
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