HDFC Bank has executed an agreement to sell 3.21% stake in Lentra AI (Lentra), aggregating to approx. 54.16 cr. This will be a partial disinvestment of the bank in Lentra. The transaction is expected to be completed by the end of December 2022. Lentra is in the business of designing, developing, licensing and implementing software products for the financial services sector.
According to regulatory filings on Saturday, HDFC bank to sell 73,941 equity shares in Lentra at a price of Rs. 7,326 per equity share for approximately one consideration 54.16 cr.
“The disinvestment of the 3.21% stake (on a fully diluted basis) is the partial disinvestment of the bank’s stake in Lentra,” it said.
Upon completion of the transaction, HDFC The Bank’s stake in Lentra will be approximately 6.61% on a fully diluted basis.
Transaction for sale of equity shares does not constitute related party transaction. HDFC Bank highlighted that as on date, HDFC Investments, a promoter group company, is a shareholder of Lentra and the transaction is on an arms length basis.
Lentra was incorporated in July 2018 and is in the business of designing, developing, licensing and implementing software products for the financial services sector. It has country-wise presence in India, Singapore and Philippines. The turnover of Lentra as at the end of 31st March 2022 is approx. 71.53 crore and were at a loss 51.99 crores.
Lentra’s products, solutions and services provide guaranteed reliability and minimal turnaround time. Its core clients, including India’s top private banks, are now future-ready and are already taking advantage of business opportunities.
HDFC Bank share on Friday Rs 1,610.95 more 85.70 or 5.62% on BSE. HDFC Bank is the third largest company in terms of market share with a valuation of approx. 8.98 lakh crores.
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