new delhi,sep 20
Kotak Mahindra Bank on Monday said it will be investing Rs 310 crore to pick-up a little less than 10 per cent stake in General Atlantic-backed KFin Technologies.KFin is an investor and issuer serving platform which provides financial technology solutions across asset classes like mutual funds, alternatives, insurance, and pension. It serves 25 mutual funds and has a 35 per cent share in equity assets under management.Kotak Mahindra Bank’s joint managing director Dipak Gupta said the investment is in line with the private sector lender’s stated strategy of making minority investments in businesses which are professionally managed and have deep client entrenchment.“As a platform of choice for asset managers, investors and corporates, we believe KFin is well-positioned to continue growing its market position,” Gupta said, adding the bet will create long-term value for its stakeholders.Commenting on the development, KFin’s chairman M V Nair said: “With Kotak Mahindra Bank’s support, along with the continued support of General Atlantic, an existing shareholder of KFin, we shall be able to achieve greater heights in our technology, business processes, leadership depth and governance.” The lender’s vision to deliver outstanding value in a simple and straightforward manner, complements with KFin’s commitment to provide unparalleled client outcomes on demand, KFin’s chief executive Sree kanth Nadella said.“We believe this investment shall serve as a strong foundation for KFin to build next generation techfin solutions for financial infrastructure institutions,” Nadella added. The Kotak scrip was trading 0.17 per cent down at Rs 2,002.55 a piece on the BSE at 1234 hrs, as against a 0.21 per cent correction on the benchmark.
