Dutch financial major ING on September 28, 2016 announced to offload up to 2.5% stake in Kotak Mahindra Bank in a deal which could be worth up to Rs 3,600 crore or $550 million.
ING had acquired a 6.42% stake in Kotak Mahindra Bank after the merger of its local arm, ING Vysya Bank, with the Indian lender in April 2015 through a share-swap deal.
ING Mauritius Investments, the investment arm of the Dutch bank that holds its stake in Kotak • Bank, has mandated Kotak Securities to sell up to 4.67 crore shares of the bank priced between Rs 774.50 and Rs 782.30 apiece, the term sheet for the deal showed.
ING had acquired a 6.42% stake in Kotak Mahindra Bank after the merger of its local arm, ING Vysya Bank, with the Indian lender in April 2015 through a share-swap deal.
ING Mauritius Investments, the investment arm of the Dutch bank that holds its stake in Kotak • Bank, has mandated Kotak Securities to sell up to 4.67 crore shares of the bank priced between Rs 774.50 and Rs 782.30 apiece, the term sheet for the deal showed.
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