MUMBAI: Dutch financial services major ING Group
on Friday sold its entire 3.1% stake in domestic banking major Kotak Mahindra Bank
, consisting about 5.8 crore shares, through two block deals on the NSE
for a total consideration of nearly Rs 7.2 crore, or a little over $1 billion. The buyers’ names were not available on the exchange.
Soon after ING
Group’s exit from the Indian lender, the bourses were informed that Mark Newman
, the Dutch firm’s director on Kotak Bank’s board, resigned from his post.
Since November 2014, after ING sold its Indian arm ING Vysya Bank
to Kotak Bank
through a share-swap deal, the European financial services group was holding a 6.5% stake in the Indian lender through its arm, ING Mauritius Investments
. In the last four years ING Group had pared its holding in Kotak Bank to 3.1%.
At the close of Friday’s trading, Kotak Bank’s stock was down 3.7% on the BSE
at Rs 1,241, while the average price that ING Group realised from the sale was about Rs 1,227 — a discount of 4.8% from Thursday’s closing price of Rs 1,289. A total of 8.9 crore shares of the bank changed hands on the two exchanges, data from NSE and BSE showed.