Kotak Mahindra Bank has completed the sale process of over an 8 per cent stake in Airtel Payments Bank to Bharti Enterprises for Rs 2.94 billion.

Earlier, Kotak Mahindra Bank has announced that it had executed a share purchase agreement for divestment of 200 million equity shares held by the bank in Airtel Payments Bank Limited (APBL), for a cash consideration of Rs 2.94 billion or higher.

The shares held by the bank were purchased for a total of Rs 2 billion, invested in parts during 2016 and 2017.