HDFC Bank has executed an agreement to sell a 3.21% stake held in Lentra AI (Lentra) aggregating to nearly ₹54.16 crore. This would be a partial divestment of the bank in Lentra. The transaction is expected to be completed by December 2022 end. Lentra is in the business of designing, developing, licensing and implementation of software products for the financial services sector.
According to the regulatory filing on Saturday, HDFC Bank will sell 73,941 equity shares in Lentra for a price of ₹7,326 per equity share for a consideration of approximately ₹54.16 crore.
It added, “divestment of 3.21% stake (on a fully diluted basis), being a partial divestment of the Bank’s stake in Lentra.”
Upon completion of the transaction, HDFC Bank’s shareholding in Lentra will be around 6.61% on a fully diluted basis.
The transaction for the sale of the equity shares does not constitute a related party transaction. HDFC Bank highlighted that as of date, HDFC Investments, which is a promoter group company, is a shareholder of Lentra and the transaction is on an arms’ length basis.
Lentra was incorporated in July 2018 and is in the business of designing, developing, licensing, and implementing of software products for the financial services sector. Its country-wise presence is in India, Singapore, and the Philippines. By end of March 31, 2022, Lentra’s turnover is around ₹71.53 crore and losses were at ₹51.99 crore.
Lentra’s products, solutions and services offer guaranteed reliability and minimal turnaround times. Its marquee clients, including India’s topmost private banks, are now future-ready and already encashing business opportunities.