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Our Bureau Dutch financial major ING Group on Friday sold its remaining stake in private sector lender Kotak Mahindra Bank.
Mark Newman, a Non-Executive Non-Independent Director of the bank and Head of Retail Challengers and Growth Markets, Asia, ING, also resigned from the board of the lender.
“Earlier today, ING Group sold its remaining stake in the bank. I hereby resign from my position as a director of the company with immediate effect,” he said in his resignation letter, which was uploaded on the web sites of exchanges.
As on December 31, 2018, ING Mauritius Investments held 3.06 per cent stake in Kotak Mahindra Bank, which amounted to 5.84 crore shares.
The stake-sale took place through block deals early in the morning. The average share price is understood to be at about 5 per cent discount to Thursday’s closing price. As many as 8.38 crore shares of the lender amounting to over ₹10,000 crore were traded on Friday on both the exchanges.
It has been widely perceived that ING was keen to exit its holding in Kotak Mahindra Bank. In November last year, it had sold 0.7 per cent stake in the private sector lender, which fetched about ₹1,400 crore.
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