ING recently sold a total of 1.27 crore shares in Kotak Mahindra Bank via an open market transaction. The transaction fetched ING a little more than Rs.1,440.26 crore. ING Mauritius Investments, which is the investment arm of ING, held a 3.73% stake, which is more than 7.11 crore shares, in Kotak Mahindra Bank as of September 2018.
As per data from the National Stock Exchange, ING sold 1,27,45,702 shares of Kotak Mahindra Bank. Each share was sold at a price of around Rs.1,130, due to which the transaction was valued at around Rs.1,440.26 crore.
The Government of Singapore will be purchasing more than 95.57 lakh shares of Kotak Mahindra Bank for a sum of Rs.1,080 crore.
In 2016, ING had sold a 2.5% stake in Kotak Mahindra Bank for a total of Rs.3,653 crore.
Sources: The Economic Times, The Times of India