The Dutch financial services major ING today exited private sector lender Kotak Mahindra Bank by selling its entire stake in a block deal for Rs 801.1 crore.
ING has sold its 3 per cent financial investment stake in Kotak Mahindra Bank, the spokesperson of the Netherlands-based group told PTI.
ING sold about 3.06 per cent stake in Kotak Mahindra Bank through open market transactions at an average price of Rs 750.7 per share, according to data available with the National Stock Exchange.
The stake sale come two days after another Dutch lender Rabobank sold 11 per cent stake in Yes Bank for Rs 982 crore.
ING Bank's Singapore branch has sold 1.06 crore shares to more than one investors. However, details of the investors could not be obtained immediately.
Asked about the reasons for exiting from Kotak Bank, the spokesperson said, "The sale of our stake is in line with ING's back-to=basics strategy which was announced last year."
After being hit by the global financial meltdown, ING had last year unveiled a business strategy based on "back-to-basics" concept. As per that plan, the entity would look at cutting down costs and reducing operational complexity, among others.
"We are taking ING back to basics on all levels. Our governance model will be adapted to our strategy, with rigorous business performance reviews and reinforced accountability," ING's then CEO-designate Jan Hommen had said in April 2009.
Shares of Kotak Bank fell 3.64 per cent to close at Rs 756.10 on the NSE, while on the BSE it closed at Rs 762.15, down 2.69 per cent.
