Warburg cuts stake in Kotak Mahindra Bank: sources

Private equity investor Warburg Pincus sold about 17.5 million shares in Kotak Mahindra Bank via stock market deals on Wednesday to raise about $170 million, three sources with direct knowledge of the matter said.

The shares, which represent 2.4% of Kotak Mahindra's outstanding equity, were sold at Rs 490 each, said the sources who declined to be identified as the matter was not public yet.

Warburg Pincus, which manages about $30 billion globally, held nearly 6% of Kotak Mahindra, stock exchange data showed, before the block deal through two of its investment vehicles.

A spokesman for Kotak Mahindra Bank in Mumbai declined to comment on the deal. Warburg Pincus officials did not immediately respond to calls for comment.

US private-equity giant Carlyle Group sold a quarter of its stake in Indian mortgage lender Housing Development Finance Corp on Wednesday, two sources with direct knowledge said.