New Delhi, Sep 1 (PTI) Kotak Mahindra Bank on Wednesday said it has completed the sale process of over an 8 per cent stake in Airtel Payments Bank to Bharti Enterprises for Rs 294.80 crore.

On Tuesday, the bank had informed about entering into a share purchase agreement for the sale of 20 crore equity shares (nearly 8.57 per cent shareholding) of Airtel Payments Bank (APBL) to Bharti Enterprises.

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"We now wish to inform you that the bank has completed the aforesaid transaction on August 31, 2021, for an aggregate sale consideration of Rs 294.8 crore," Kotak Mahindra Bank said in a regulatory filing.

Kotak had bought these shares for Rs 200 crore in tranches during 2016 and 2017.

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APBL was incorporated on April 1, 2010, and commenced operations as a payments bank from November 23, 2016. The company's turnover was Rs 627.19 crore in FY20.

Shares of Kotak Mahindra Bank closed at Rs 1,745.80 apiece on BSE, down 0.49 per cent from the previous close. PTI

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