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Manipal Tech Looks to Raise ₹1,000 cr

Manipal Technologies (MTL), the largest manufacturer of banking and smart cards in India, plans to bring in a financial partner into the eight-decade-old, Pai family-owned business at a valuation of around ₹4,000-4,200 crore ($500 million), multiple people aware of the initiative told ET.

Manipal Tech: Manipal Tech, India s largest banking & smart cards manufacturer, looks to raise Rs 1,000 cr

​Initially, this proposed transaction will give an exit to a few minority shareholders - family members who own about 20% stake in the parent company MTL. Besides the secondary stake sale, about 5-10% primary shareholding will be sold to meet expansion plans, sources aware of the initiative told ET.

India s Top Banking And Smart Cards Manufacturer, Manipal Tech, Aims To Secure Rs 1,000 Crore In Funding

India s Top Banking And Smart Cards Manufacturer, Manipal Tech, Aims To Secure Rs 1,000 Crore In Funding
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MCT Cards & Technology accelerates Digital India Journey, delivers smart banking kiosks to leading private and public banks in India

Manipal (Karnataka) [India], October 21 (ANI/PRNewswire): MCT Cards & Technology Private Limited (MCT), a subsidiary of Manipal Technologies Limited, delivered smart banking kiosks to leading private and public sector banks in India under the recent '75 Digital Banking Units in 75 Districts' initiative launched by the government. MCT is committed to accelerating the government's vision of making India a financially inclusive nation by working closely with banks to facilitate the digital banking units in the identified locations which will be the brick-and-mortar outlets for the banks. MCT delivered high-quality smart banking kiosks including an Account Opening Kiosk, Instant Personalized Debit Card Issuance Kiosk, Passbook Printing Kiosk, Internet Banking Kiosk, and Tab Banking Kiosk. Banks will offer digital banking services to their customers using various self-service banking kiosks. Using these self-service kiosks customers can easily open a banking account, get a p

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