 "Heliconia to acquire 2.6% in Kotak Mahindra")
Heliconia Pte, an affiliate of Government of Singapore Investment Corp (GIC), will acquire a 2.6 per cent stake in private lender Kotak Mahindra Bank for Rs 1,296 crore.
Heliconia will subscribe to a preferential issue of 20 million equity shares of Kotak Mahindra at Rs 648 a share. The preferential issue is subject to shareholder and other necessary regulatory approval.
Kotak Investment Banking acted as the exclusive financial advisor to the transaction.
“Their investment in the bank underscores the strong fundamentals of our institution," Jaimin Bhatt, president and group chief financial officer at Kotak Mahindra Bank, said in a statement.
The transaction will strengthen the bank's tier-I capital and aid in financing its expansion plans. The consolidated net worth of the Kotak Group at the end of December 31, 2012, was estimated at Rs 14,568 crore. The bank's stand-alone capital adequacy ratio was 15.6 per cent, while its tier-I ratio was 14.2 per cent.
Heliconia will subscribe to a preferential issue of 20 million equity shares of Kotak Mahindra at Rs 648 a share. The preferential issue is subject to shareholder and other necessary regulatory approval.
Kotak Investment Banking acted as the exclusive financial advisor to the transaction.
“Their investment in the bank underscores the strong fundamentals of our institution," Jaimin Bhatt, president and group chief financial officer at Kotak Mahindra Bank, said in a statement.
The transaction will strengthen the bank's tier-I capital and aid in financing its expansion plans. The consolidated net worth of the Kotak Group at the end of December 31, 2012, was estimated at Rs 14,568 crore. The bank's stand-alone capital adequacy ratio was 15.6 per cent, while its tier-I ratio was 14.2 per cent.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%