Dutch financial major ING today offloaded 2.5 per cent stake in Kotak Mahindra Bank for an estimated Rs 3,653 crore through an open market transaction.
ING Mauritius Investments, the investment arm of the Dutch bank, sold a total of 4.67 crore shares, representing Kotak Mahindra Bank's 2.5 per cent stake, according to bulk deal data available with the stock exchanges.
The shares were purchased on an average price of Rs 782.32, valuing the transaction at Rs 3,653.43 crore, the data showed.
Following the sale, ING's stake in Kotak declined to 3.9 per cent from previous holding of 6.4 per cent.
In a statement ING said its "remaining stake in Kotak will be subject to a 90 day lock-up following settlement of the transaction which is expected to occur on October 4, 2016".
The transaction will not have a material impact on ING's profit and loss account, shareholders' equity or capital ratios.
ING obtained its stake in Kotak through the merger of ING Vysya Bank with Kotak Mahindra Bank, which was effective from April 1, 2015.
Following a Memorandum of Understanding (MoU) signed in June 2015, Kotak and ING will continue to co-operate on cross-border business opportunities and to leverage each other's network's for the benefit of their respective client bases.
Furthermore, ING said it remains active in servicing the international business of Indian clients through its global wholesale banking franchise.
Kotak Mahindra Bank is one of India's leading banks, offering a complete range of banking products.
Kotak Securities acted as sole global coordinator and bookrunner for the offering. Besides, Citigroup Global Markets India, Deutsche Equities India and J P Morgan India acted as Joint book runners.
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