ING sells 3.07% in Kotak Bank for Rs 801 crore

ING Bank NV today sold its entire stake of 3.07 per cent in Kotak Mahindra Bank Ltd, valued at about Rs 801 crore, according to data posted on the National Stock Exchange.

ING sold 106,75,028 shares at an average price of Rs 750.70 per share. The name of the buyers was not known.

The shares of Kotak Mahindra Bank closed 2.7 per cent lower at Rs 762.15 on the Bombay Stock Exchange.

The sale by ING was in line with its “back to basics” strategy announced last year, Anneloes Geldermans, the ING Group media relations official said in an email from Amsterdam.

The sale by ING is part of its strategy to “sharpen focus on its business, improve returns and reduce capital.” In 2009 and the first quarter of 2010, it sold stakes for ¤4.2 billion.

Arun Raste, head, group corporate communications at Kotak Mahindra Bank, in Mumbai, declined comment.

(Kotak Mahindra Bank is the principal shareholder in Business Standard Limited)