<p>Kotak Mahindra Bank on Tuesday said it will sell 20 crore shares held in Airtel Payments Bank (APBL) for a cash consideration of Rs 294 crore or more to Bharti Enterprises Ltd.</p>.<p>A share purchase agreement has been executed by the bank for divestment of 20,00,00,000 equity shares (8.57 per cent stake) held by Kotak Mahindra Bank Ltd in APBL.</p>.<p>These shares were acquired for Rs 200 crore invested in tranches during calendar years 2016 and 2017, the bank said in a regulatory filing.</p>.<p><strong>Read more: <a href="https://www.deccanherald.com/business/business-news/facebook-xiaomi-eye-india-s-1-trillion-digital-loan-market-1025412.html" target="_blank">Facebook, Xiaomi eye India’s $1 trillion digital loan market </a></strong></p>.<p>The sale is expected to be completed by September 15 or before, for "cash consideration equal to or higher than Rs 294.8 crore; to be determined in accordance with the terms of the share purchase agreement," it added.</p>.<p>APBL was incorporated on April 1, 2010, under the RBI license for payments banks.</p>.<p>It commenced its operations as a payments bank, with effect from November 23, 2016. The company's turnover was Rs 627.19 crore in FY 20.</p>.<p>The bank said it does not require any governmental or regulatory approvals for the proposed transaction.</p>.<p>Bharti Enterprises has received no objection from the RBI to enable execution of the proposed transaction, it said.</p>.<p>Stock of Kotak Mahindra Bank traded at Rs 1747.40 apiece on BSE, up 0.66 per cent from the previous close.</p>
<p>Kotak Mahindra Bank on Tuesday said it will sell 20 crore shares held in Airtel Payments Bank (APBL) for a cash consideration of Rs 294 crore or more to Bharti Enterprises Ltd.</p>.<p>A share purchase agreement has been executed by the bank for divestment of 20,00,00,000 equity shares (8.57 per cent stake) held by Kotak Mahindra Bank Ltd in APBL.</p>.<p>These shares were acquired for Rs 200 crore invested in tranches during calendar years 2016 and 2017, the bank said in a regulatory filing.</p>.<p><strong>Read more: <a href="https://www.deccanherald.com/business/business-news/facebook-xiaomi-eye-india-s-1-trillion-digital-loan-market-1025412.html" target="_blank">Facebook, Xiaomi eye India’s $1 trillion digital loan market </a></strong></p>.<p>The sale is expected to be completed by September 15 or before, for "cash consideration equal to or higher than Rs 294.8 crore; to be determined in accordance with the terms of the share purchase agreement," it added.</p>.<p>APBL was incorporated on April 1, 2010, under the RBI license for payments banks.</p>.<p>It commenced its operations as a payments bank, with effect from November 23, 2016. The company's turnover was Rs 627.19 crore in FY 20.</p>.<p>The bank said it does not require any governmental or regulatory approvals for the proposed transaction.</p>.<p>Bharti Enterprises has received no objection from the RBI to enable execution of the proposed transaction, it said.</p>.<p>Stock of Kotak Mahindra Bank traded at Rs 1747.40 apiece on BSE, up 0.66 per cent from the previous close.</p>