Other Private Equity/Strategic Investments
HDFC Bank group to invest Rs.6.9 Cr in fintech platform Stockal
Publicly listed HDFC Bank is to invest INR 50 lakh and HDFC Securities INR 6.41 crore in Bengaluru-based fintech platform Stockal (operated by Borderless Softtech Pvt Ltd). Stockal offers a backend tech infrastructure platform that facilitates global fractional investing in US listed stocks, funds and ETFs. HDFC Bank Ltd is to subscribe to 8,108 compulsorily convertible cumulative preference shares (CCCPS) of face value INR 10 each, at a premium of INR 606.6 per share. It will also subscribe to 1,03,989 optionally redeemable CCCPS (ORCCCPS) of face value INR 10 each, at a premium of INR 606.6 indirectly through its subsidiary HDFC Securities Ltd, at INR 616.60 per CCCPS/ORCCCPS. Post investment, HDFC Bank will hold (in aggregate) a 7.76% of the shareholding in Stockal.
From the Venture Intelligence PE-VC Deal Database: VC investors in Stockal include Aroa Ventures, Credence Family Office and Auxano.
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