Warburg buys 2% in Kotak Bank

Warburg Pincus International today picked up around 2 per cent stake in Kotak Mahindra Bank from the market at around Rs 90.5 crore. It has bought 23,50,000 shares at Rs 385.04 per share in a block deal from T Rowe Price International on the BSE.

The bank in November 2004 had made a preferential allotment of 2.75 per cent to Warburg Pincus at Rs 230.

The fresh deal takes the foreign investor's stake to about 5 per cent in the bank, said industry sources. The total foreign holding in the bank as on March 31, 2005 stood at 23.40 per cent.

On the BSE today, the stock hit a new 52-week high of Rs 415.5 in intra day trades before closing at Rs 399.80, up 7.34 per cent from its previous close.

More than 28.4 lakh shares were traded at the BSE counter.

The Indian promoter holding in the bank as on March 31, 2005 stood at 58.75 per cent. Mutual funds and UTI hold 2.46 per cent and banks, financial institutions and insurance companies hold 0.01 per cent stake in the bank.