HDFC Bank to acquire 7.75% stake in Mintoak Innovations (on fully diluted basis)

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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