ING sells 0.67% stake in Kotak Mahindra Bank; stock rises over 2%

The share sale took place at a weighted average price of Rs 1,130. ING raised around Rs 14.4 bn

ING on Thursday sold 12.75 million shares amounting to 0.67 per cent stake, in Kotak Mahindra Bank, showed bulk deal data on NSE. The share sale took place at a weighted average price of Rs 1,130. ING raised around Rs 14.4 billion.

The Singapore government bought shares worth Rs 10.8 billion, Aberdeen Rs 2.9 billion and Nomura Pension Fund the rest.

Prior to the stake sale, ING held 3.73 per cent in the private sector lender. Kotak Mahindra Bank shares gained 2.77 per cent to close at Rs 1,161 on the NSE and 2.93 per cent to close at Rs 1,162 on the BSE.

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Disclosure: Kotak Mahindra and associates are significant shareholders in Business Standard Pvt Ltd