The FINANCIAL -- ING on September 29 announced the sale of 46.7 million ordinary shares of Kotak Mahindra Bank (Kotak).
The shares were sold at a price of INR 782.32 per share. Gross proceeds to ING from the offering amount to approximately EUR 490 million (at the current exchange rate). The sale reduces ING's stake in Kotak from currently 6.4% to 3.9%. ING's remaining stake in Kotak will be subject to a 90 day lock-up following settlement of the transaction which is expected to occur on 4 October 2016.
The transaction will not have a material impact on ING's profit and loss account, shareholders' equity or capital ratios, according to ING.
ING obtained its stake in Kotak through the merger of ING Vysya Bank with Kotak Mahindra Bank, which was effective from 1 April 2015. Following a Memorandum of Understanding (MoU) signed on 5 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 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 shares are listed on the Bombay Stock Exchange Limited and the National Stock Exchange of India (KOTAKBANK).
Kotak Securities Limited acted as Sole Global Coordinator and Bookrunner and Sole Stock Broker for the offering. Citigroup Global Markets India Private Limited, Deutsche Equities India Private Limited and J.P. Morgan India Private Limited acted as Joint Bookrunners.