Money & Banking

HDFC Bank to pick up 9.99% stake in Ferbine

Our Bureau Mumbai | Updated on February 26, 2021

Acquisition to be completed by end of February

HDFC Bank on Thursday said it executed an agreement for subscribing to 4,995 equity shares of the face value of ₹10 each fully paid up issued by Ferbine Private Limited for a consideration of ₹10 per equity share.

“Post investment, bank will hold 9.99 per cent of the equity shareholding of Ferbine,” it said in a regulatory filing.

The acquisition for cash consideration of ₹49,950 will be completed by February end, HDFC Bank said.

Kotak Mahindra Bank picks up 9.99% stake in Ferbine Private Ltd

Earlier in the evening, Kotak Mahindra Bank too said it has picked up 9.99 per cent stake in Ferbine.

Promoted by Tata Sons Private Ltd, Ferbine was incorporated on January 18, 2021, to make an application to RBI for the PUE (pan-India umbrella entity) licence.

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Published on February 26, 2021

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