 "Heliconia to acquire 2.6% in Kotak Mahindra")
Heliconia Pte, an affiliate of Government of Singapore Investment Corp (GIC), will acquire a 2.6 per cent stake in private lender Kotak Mahindra Bank for Rs 1,296 crore.
Heliconia will subscribe to a preferential issue of 20 million equity shares of Kotak Mahindra at Rs 648 a share. The preferential issue is subject to shareholder and other necessary regulatory approval.
Kotak Investment Banking acted as the exclusive financial advisor to the transaction.
“Their investment in the bank underscores the strong fundamentals of our institution," Jaimin Bhatt, president and group chief financial officer at Kotak Mahindra Bank, said in a statement.
The transaction will strengthen the bank's tier-I capital and aid in financing its expansion plans. The consolidated net worth of the Kotak Group at the end of December 31, 2012, was estimated at Rs 14,568 crore. The bank's stand-alone capital adequacy ratio was 15.6 per cent, while its tier-I ratio was 14.2 per cent.
Heliconia will subscribe to a preferential issue of 20 million equity shares of Kotak Mahindra at Rs 648 a share. The preferential issue is subject to shareholder and other necessary regulatory approval.
Kotak Investment Banking acted as the exclusive financial advisor to the transaction.
“Their investment in the bank underscores the strong fundamentals of our institution," Jaimin Bhatt, president and group chief financial officer at Kotak Mahindra Bank, said in a statement.
The transaction will strengthen the bank's tier-I capital and aid in financing its expansion plans. The consolidated net worth of the Kotak Group at the end of December 31, 2012, was estimated at Rs 14,568 crore. The bank's stand-alone capital adequacy ratio was 15.6 per cent, while its tier-I ratio was 14.2 per cent.