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HDFC Bank on Wednesday said it acquired a minority stake in fintech startup Mintoak for a sum of Rs 31.1 crore. Post the transaction, the lender will own 7.75 per cent stake in the startup, according to the lender's statement shared with stock exchanges.The deal is likely to be completed by January 31, 2023, subject to conditions precedent. The lender's statement said, "The bank and its subsidiaries in the normal course of business may have business dealings with Mintoak at an arm's length."The Bank will subscribe to 21,471 fully paid up compulsory convertible preference shares (CCPS) of face value of Rs 20 each at a premium of Rs 9,711, for an aggregate consideration of Rs 9,731 per CCPS. HDFC Bank will also purchase 10,538 fully paid up equity shares of face value of Rs 10 each at a premium of Rs 9,721 for an aggregate consideration of Rs 9,731 per equity share from certain existing shareholders of Mintoak, according to the statement.Mintoak is a fintech start-up that provides a payments-led platform offering value-added services to merchants to engage with their customers and for acquirers to enhance their engagement with merchants through digital engagements.During fiscal 2021-22, the startup had a turnover (operating income) was Rs 11.28 crore and its profit after tax was Rs 1.47 crore, the statement said.HDFC Bank also said since the shareholding of the Bank in Mintoak post-completion of the transaction would be below 10 per cent of the total share capital of Mintoak on a fully diluted basis, the Bank would not require regulatory approvals to proceed with the transaction.The lender also said the promoters of the Bank do not have any interest in Mintoak as of date.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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