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Religare Finvest today offloaded 12 lakh shares of Mangalore-based Karnataka Bank for an estimated Rs 13 crore.
According to information available with stock exchanges, Religare Finvest sold 12 lakh shares of Karnataka Bank through open market transactions.
Shares were sold at an average price of Rs 106.86 valuing the transaction to Rs 12.82 crore.
Religare Finvest is part of Religare Enterprises which is among the major contenders for new banking licences.
As of March quarter, Religare Finvest held 49.27 lakh shares, amounting to 2.62 per cent stake, of Karnataka Bank.
Last week, Religare Enterprises had said that its promoters Malvinder Mohan Singh and Shivinder Mohan Singh would sell nearly 23 per cent stake, currently worth over Rs 1,000 crore, to meet the RBI eligibility norms for new banks.
Shares of Karnataka Bank today fell by 3.67 per cent to close at Rs 112.90 apiece on the BSE.
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