ING to sell 1.20% stake in Kotak Mahindra Bank

NEW DELHI: ING Group will offload around 1.20 per cent stake in Kotak Mahindra Bank via block deal on Friday. There are expectations that the offer price will be at 3-5 per cent discount to the Thursday’s closing price.

Shares of Kotak Mahindra Bank closed 0.19 per cent down at Rs 1,288.90.

ING Mauritius Investments was holding 3.06 per cent stake, or 5,84,53,476 shares, in Kotak Mahindra Bank as of December 31, 2018, according to the BSE website.


“ING to sell 23 lakh shares, or 1.20 per cent equity, in the range of Rs 1,125-1,250 per share on February,” ET Now said in a report.

The report further added that ING will sell shares worth Rs 2,818-2,875 crore via block deal.

Kotak Mahindra Bank had reported a 23 per cent year-on-year (YOY) jump in standalone profit-after-tax at Rs 1,291 crore for December quarter, slightly better than Rs 1,273 crore anticipated by analysts in an ET Now poll.