HDFC Bank has executed an agreement for subscribing to 41,228 debentures (CCDs) issued by Lentra AI which are compulsorily convertible into 41,228 equity shares of Lentra at Rs. 1,697.87 per equity share.
Lentra was incorporated on 30 July 2018 to take over the software
business undertaking of Softcell Technologies (STL) in a
scheme of demerger (Demerger) among STL, Softcell Technologies
Global and Lentra and their respective shareholders
and creditors, approved by order dated 27 June 2019 passed by the
National Company Law Tribunal.
The transaction is for acquiring 1.823% equity stake in Lentra (on a
fully diluted basis) as a strategic investment by the Bank (upon
conversion of CCDs).
Being an existing shareholder of STL, Bank is also an existing
shareholder of Lentra pursuant to the Demerger.
Equity stake held
by Bank in Lentra as on date is 12%.
Lentra is raising equity funds in a capital raising round in which Bank
is partially participating to the extent specified above so that the
Bank's shareholding in Lentra post completion of the said equity
fund raising will be: 9.998% (on a fully diluted basis).
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.