Kotak Mahindra Bank explores acquisition of IndusInd Bank

Kotak says no comments to offer; IndusInd CEO says promoters have denied the deal

Kotak Mahindra Bank is exploring a takeover of smaller rival IndusInd Bank, people with knowledge of the matter said, a move that would create the nation’s eighth-largest financial firm by assets.

Uday Kotak, founder and chief executive officer (CEO) of Kotak Mahindra, is looking at the possibility of an all-stock acquisition, one of the people said, asking not to be identified as the talks are private. Uday Kotak and the Hinduja family have held initial talks over the proposal in which the founders of IndusInd Bank could retain a stake in the lender after a deal, another person said.

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