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HDFC Bank Acquires Stakes in Mintoak

Published on December 15, 2022
Current Context: HDFC Bank acquired 7.75% of the equity stake in the FinTech startup, Mintoak Innovations.
HDFC Bank Acquires Stakes in Mintoak
  • 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.


Q.1 HDFC Bank recently acquired _____% of the equity stake in Mintoak Innovations.
a. Paytm
b. Mintoak
c. MobiKwik
d. Instamojo

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