Kotak Mahindra Bank on Tuesday (October 17) said its wholly-owned subsidiary Kotak Securities Ltd (KSL) has signed an agreement with Delente Technologies Private Ltd (DTPL) for the sale of its entire shareholding in Entroq Technologies Private Ltd.

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Delente Technologies Private Ltd is an Indian non-government private limited company incorporated on March 9, 2021, with its registered office in Faridabad, Haryana, India.

Kotak Securities Ltd currently holds 100 equity shares and 10,568 Cumulative Compulsorily Convertible Preference Shares (CCCPS) in ETPL.

The agreed consideration for this transaction is set at Rs 508.06 per equity share and per CCCPS, which includes a premium of Rs 498.06 per share and per CCCPS.

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Delente Technologies is primarily involved in the Information Technology Industry and is not associated with the promoter or promoter group of Kotak Mahindra Bank.

The sale is expected to be completed by the end of October 2023, and it has been clarified that this transaction does not fall under the category of related party transactions.

Shares of Kotak Mahindra Bank Ltd ended at ₹1,771.50, up by ₹21.30, or 1.22 percent on the