Kotak Mahindra Bank on Tuesday February 23,2016 signed a share subscription and
shareholders agreement with Airtel M Commerce Services Ltd (AMSL) and
Bharti Airtel Ltd to acquire 19.90 % stake in AMSL at Rs. 98.38 crore.
AMSL was one of the 11 entities that were granted 'in-principle'
approval in August 2015 by the RBI for setting up a payments bank
Kotak Bank said it has obtained approval from RBI for acquiring equity stake in AMSL.
AMSL, which was incorporated in April 2010, is a 100 % subsidiary
of Bharti Airtel Ltd. It is in the business of providing the service of
semi-closed prepaid instrument and offers services under the 'Airtel
Money' brand name.
Total revenue of AMSL in FY2014-15 was Rs. 121.4 crore (Rs 42.6 crore in the previous financial year), according to Kotak Bank's notice to the BSE
No comments:
Post a Comment