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Dutch financial major ING Group is understood to have sold 0.7 per cent stake in Kotak Mahindra Bank and is likely to sell remaining stake in the private sector lender by this month.
“ING has sold 0.7 per cent stake in Kotak Mahindra Bank through the NSE, which fetched over ₹1,400 crore,” said an industry source, adding that the Dutch firm could sell of its entire holding in the bank in the next few days through secondary market block deals.
ING Mauritius Investments held 3.73 per cent stake in Kotak Mahindra Bank amounting to 7.11 crore shares as on September 30, 2018, according to data with stock exchanges.
The move comes soon after ING was fined $900 million in September as it failed to identify money laundering by some of its clients.
Earlier, in September 2016, ING had sold 2.5 per cent of its stake in Kotak Mahindra Bank for over ₹3,600 crore.
On Wednesday, Kotak Mahindra Bank shares gained 2.93 per cent and closed at ₹1,162.65 apiece on the BSE.
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