- The stakes of Mintoak were acquired by HDFC Bank on a fully diluted basis for a total cash consideration of INR 31.14 Cr.
- HDFC Bank subscribed 21,471 Compulsory Convertible Preference Shares (CCPS) on the face value of INR 20, each paid at a premium of INR 9,711.
- It also plans to purchase an additional 10,538 fully paid-up equity shares of the startup for a consideration of INR 9,731 per share.
- Since HDFC Bank has acquired less than a 10% stake (7.75%), hence, regulatory approval will not be required and the deal will be completed by January 2023.
- HDFC Bank is a financial services company that was established in 1994 with its headquarters in Mumbai. The current CEO of the company is Sashidhar Jagdishan.
Question:
Q.1 HDFC Bank recently acquired _____% of the equity stake in Mintoak Innovations.a. Paytm
b. Mintoak
c. MobiKwik
d. Instamojo
