Kotak Mahindra Bank (KMBL) has inked a share subscription and shareholders agreement with Airtel M Commerce Services (AMSL) and Bharti Airtel, wherein, KMBL has agreed to acquire 9,83,82,022 equity shares aggregating to Rs 98.38 crore in cash, representing 19.90% of the paid-up capital of AMSL.
AMSL was one of the 11 entities, including Aditya Birla Nuvo, Department of Posts, Reliance Industries, Tech Mahindra and Vodafone m-pesa, which were granted approval in August 2015 by the RBI for setting up payments banks.
AMSL, incorporated in April 2010, is a 100 percent subsidiary of Bharti Airtel and offers services under the ‘Airtel Money’ brand.
