Bharti Airtel will sell 19.9 percent stake in Airtel M Commerce services to Kotak Mahindra Bank. In an interview to CNBC-TV18's Latha Venkatesh, Deepak Gupta, joint MD, Kotak Mahindra Bank, spoke about the deal.
It is first play into a totally new customer segment, the inclusive customer segment. As a standalone bank it is practically impossible to reach out to that mass in the market place.
Dipak Gupta
JMD
Kotak Mahindra Bank
Airtel M Commerce services, a wholly owned subsidiary of Bharti Airtel , has decided to convert its existing prepaid payment service into a payments bank by applying for a license with the Reserve Bank of India.
Bharti Airtel will also sell 19.9 percent stake in Airtel M Commerce services to Kotak Mahindra Bank . Airtel M Commerce currently offers mobile money services under the brand name Airtel Money.
In an interview to CNBC-TV18's Latha Venkatesh, Deepak Gupta, joint MD, Kotak Mahindra Bank, spoke about the deal.
Edited excerpts from the interview on CNBC-TV18.
Q: Are you paying something for this 19.9 percent stake? What will it be?
A: We are investing in that company. There is an existing company which has a PPI license, it is an RBI approved PPI. We are investing in it and that company will apply for a payment bank.
Q: That investment, what does it cost you?
A: We have not disclosed that.
Q: How do you expect this joint venture to benefit Kotak Mahindra Bank?
A: It is first play into a totally new customer segment, the inclusive customer segment. As a standalone bank it is practically impossible to reach out to that mass in the market place.
If you look at Airtel, it has phenomenal reach, particularly if you look at the rural pockets, the unbanked segments. They have an existing reach, so it is a great way to reach out to a wider inclusive segment.
Bharti Airtel stock price
On January 29, 2015, Bharti Airtel closed at Rs 372.75, down Rs 2.4, or 0.64 percent. The 52-week high of the share was Rs 419.90 and the 52-week low was Rs 282.10.
The company's trailing 12-month (TTM) EPS was at Rs 27.40 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 13.6. The latest book value of the company is Rs 166.93 per share. At current value, the price-to-book value of the company is 2.23.
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