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ING sells 2.5% stake in Kotak Mahindra Bank for Rs 3678 crore
Written By ZeeBiz WebTeam
Published: | Updated:
"Remaining stake of ING in Kotak will now be subject to a 90 day lock-up following settlement of the transaction which is expected to occur on 4 October 2016," it said in a statement.
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ING's stake in the bank now stands at 3.9% from 6.4% earlier. Photo: Wikipedia
Dutch banking and financial service provider ING Group on Thursday sold 46.7 million ordinary shares of Kotak Mahindra Bank - India's fifth largest private bank.
"Remaining stake of ING in Kotak will now be subject to a 90 day lock-up following settlement of the transaction which is expected to occur on 4 October 2016," it said in a statement.
ING sold the shares at a price of Rs 782.32 per share, receiving gross proceeds of approximately EUR 490 Million (nearly Rs 3677.62 crore) at current exchange rate.
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ING's stake in the bank now stands at 3.9% from 6.4% earlier.
Shares of Kotak Mahindra Bank closed at Rs 772.45, down by 1.32% on BSE.
ING said, "The transaction will not have a material impact on ING’s profit and loss account, shareholders' equity or capital ratios. "
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