Kotak sells 8% Hutch stake for Rs 1,019cr

Kotak sells 8% Hutch stake for Rs 1,019cr

Our Web Bureau / Mumbai March 1, 2006

The subsidiaries, associates and promoter group compannies of Kotak Mahindra Bank today sold their entire effective economic interest of 8.33% in Hutchison Essar (HEL) to a company beneficially owned by Analjit Singh and to Telecom Investments India.

According to a release issued by Kotak Bank to the BSE today,  Analjit Singh was the original founder of Hutchison Max Telecom.

"The sale is for a net consideration of Rs 1,019 crore. The sale consideration is on the basis of an underlying value of about $6 billion for HEL adjusted for debt and preference share liabilities in the companies which hold shares of HEL. The bank