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ING may offload 1.21% in Kotak Bank

Our Bureau Mumbai | Updated on February 21, 2019 Published on February 21, 2019

Dutch financial major ING Group is likely to sell 1.21 per cent stake in Kotak Mahindra Bank through a block deal on Friday. The transaction is expected to fetch over ₹2,800 crore. The offer price is likely to be at a discount of 3-5 per cent on Thursday’s closing price. As on December 31, 2018, ING Mauritius Investments held 3.06 per cent stake in Kotak Mahindra Bank, which amounts to 5.84 crore shares. In November last year, it had sold 0.7 per cent stake in the private sector lender, which fetched about ₹1,400 crore. Prior to that, in September 2016, ING had sold 2.5 per cent of its stake in Kotak Mahindra Bank for over ₹3,600 crore. Kotak Mahindra Bank shares closed 0.19 per cent lower at ₹1,288.90 apiece on the BSE.

Published on February 21, 2019
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