With this, it is aiming to raise anywhere around $800 million, said sources aware of the development. The move is in line with regulatory requirements to reduce its holding in the bank to 10 percent by 2029, irrespective of the listing of Unity SFB, said sources aware of the development.
According to the licensing requirements, BharatPe has to bring down its stake in the bank to 10 percent within eight years from the bank's operations.
Reports have suggested that the fintech major has hired Rothschild & Co. to help it find suitable buyers for the stake sale.
The fintech major will continue its association with the bank post the stake sale as this is a planned divestment due to regulatory requirements, which has been in the works for some time now, sources said.
This story is from the January 04, 2025 edition of Business Standard.
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This story is from the January 04, 2025 edition of Business Standard.
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