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Kotak Mahindra Investment exits Matrix, sold 19.77% stake

Kotak Mahindra Investments Limited, a wholly company owned by the real estate of the Kotak Mahindra Bank, has now sold its entire stake in the Matrix Business Services India Pvt Ltd.

The company was planning to sell around 82680 shares amounting for Rs 10.32 crores, according to the report which has been revealed. The company as of now has now disclosed the buyer’s name. the deal was completed on Friday.

“Matrix will cease to be an associate company of KMIL and consequently of the bank,” it added.

Matrix is an outsourcing company that was founded in the year 2003. It is much more engaged in providing the assurance services which includes the verification checks and process audits.

Kotak was the single largest stakeholder in the Matrix. After its leaving from the company, PC and Ramesh Sharma will become the joint largest shareholders with each owing around 13.4% stake in the company. Another largest corporate company, Mahindra and Mahindra Contech Ltd hold around 2.67% stake in the Matrix.

KMIL was the single-largest shareholder in Matrix. After its exit, Ramesh Sharma and PC Balasubramanian will become the joint largest shareholders with each owning 13.4% stake in the company, as per the 2018 annual report. The annual report for 2019 has not yet been made public.

Source: Kotak

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