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Kotak Mahindra Bank on Tuesday signed an agreement with Airtel M Commerce Services (AMSL) and Bharti Airtel to acquire 19.90 per cent stake (9.83 crore equity shares) in AMSL at ₹98.38 crore.
AMSL was one of the 11 entities, including Aditya Birla Nuvo, Department of Posts, Reliance Industries, Tech Mahindra and Vodafone m-pesa, which were granted approval in August 2015 by the RBI for setting up payments banks.
Kotak Bank said it has obtained approval from the RBI for acquiring equity stake in AMSL.
AMSL, incorporated in April 2010, is a 100 per cent subsidiary of Bharti Airtel and offers services under the ‘Airtel Money’ brand. Total revenue of AMSL in FY15 was ₹121.4 crore (₹42.6 crore in the previous financial year).
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