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HDFC Bank has entered into an agreement to sell 73,941 shares of Lentra AI Private Limited at ₹7,326 per share, equivalent to 3.2 per cent stake in the company, for a total consideration of ₹54.2 crore.
As per the agreement signed on Friday, the sale will be completed by the end of December, the private sector lender informed the exchanges.
Following the share sale, HDFC Bank will hold 6.6 per cent stake in the company, on a fully diluted basis.
Lentra AI is in the business of designing, developing, licensing and implementation of software products for the financial services sector. Incorporated in July 2018, the company had a turnover of ₹72 crore in FY22 and reported a loss of ₹52 crore for the financial year.
HDFC Investments Ltd, is also a shareholder of Lentra, and this transaction is being done “on an arm’s length basis”, the bank said.
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