Kotak Mahindra Bank, which kicked off operations last month, has exited telecom company Fascel by divesting its 11 per cent stake to Usha Martin Telematics for Rs 92.44 crore.
Usha Martin is a joint venture between the Hong Kong-based Hutchison group and the Usha group.
Fascel, the largest cellular service provider in Gujarat, was a joint venture between Hutchison Telecom, the Kotak Mahindra group and the Hinduja group.
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Kotak Mahindra Bank today informed the Bombay Stock Exchange that the bank, along with its subsidiaries, had sold its holding in Fascel. According to the bank, the sale was on the basis of an independent valuation done by Deloitte, Haskins & Sells.
In a statement, Uday Kotak, vice-chairman and managing director, Kotak Mahindra Bank, said,