Private sector lender Kotak Mahindra Bank on Thursday said its subsidiary Kotak Mahindra Investments is exiting Matrix Business Services by selling its entire 19.77 per cent stake for Rs 10.32 crore. Kotak Mahindra Investments Ltd (KMIL), a wholly-owned subsidiary of Kotak Mahindra Bank, has executed a share purchase agreement for sale of its entire equity stake of 19.77 per cent in Matrix Business Services.

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"Upon completion of the said sale, Matrix will cease to be an associate company of KMIL and consequently of the bank," Kotak Mahindra Bank said in a filing to the BSE. KMIL is selling 82,680 shares or 19.77 per cent stake in Matrix for Rs 1,248.17 a share, aggregating to about Rs 10.32 crore. The transaction is expected to be completed by May 2019.

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Matrix had a net worth of Rs 33.74 crore as of March 31, 2018, and a turnover of Rs 57.70 crore in 2017-18. The company provides business assurance services, claims processing, including employee background verifications checks and product and process audits.