Kotak to sell its stake in Airtel Payments Bank shares to Bharti Enterprises for Rs.294-Cr

Mumbai-based, publicly listed Kotak Mahindra Bank is to sell 20 crore shares (constituting an 8.57% stake) in Gurugram-based Airtel Payments Bank Ltd (APBL), for about INR 294 crore to the latter's promoter firm Bharti Enterprises Ltd. The shares were acquired by Kotak for INR 200 crore during 2016-2017. Incorporated on April 1, 2010, ABPL commenced operations as a payments bank in November 2016. For FY20, it had reported a turnover of INR 627.19 crore.