Kotak Mahindra Bank set to acquire BSS Microfin

NEW DELHI: Private sector Kotak Mahindra Bank said it will acquire BSS Microfinance for Rs 139 crore to reach a wider customer base. “The bank has executed a share purchase agreement for acquisition of 99.49% (equivalent to 2,65,91,856 equity shares of Rs 10 each) of the equity shareholding of BSS Microfinance from its existing shareholders,“ Kotak Mahindra Bank said in an exchange filing.

BSS Microfinance is a nonbanking financial company, classified as an NBFC-MFI.

The transaction is subject to obtaining all necessary regulatory and other approvals, the bank said.