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Kotak Mahindra Bank Limited acquires BSS Microfinance Private Limited

Kotak Mahindra Bank Ltd has executed binding share purchase agreement to acquire 99.49% of equity shares of BSS Microfinance Private Limited (BSS), a Non- Banking Finance Company, classified as a NBFC-MFI, from existing shareholders subject to regulatory and other approvals , including Reserve Bank of India. The acquisition has been approved by the Board of Directors of Kotak Mahindra Bank and is for an aggregate all – cash consideration of Rs. 139.2 crore. As of June 30, 2016, BSS has a networth of approximately of Rs. 73 crore and microfinance loans of Rs. 483 crore in its books .It will be a subsidiary of Kotak after receiving regulatory and other approvals.

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