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.)