Private sector lender Kotak Mahindra Bank is raising Rs 1,296 crore or $239 million from GIC Singapore, one of the world’s largest sovereign wealth funds. The bank is selling 2.6 per cent stake to Heliconia Pte Ltd, an affiliate of GIC, on a preferential basis.
GIC will buy 20 million shares of Kotak Mahindra Bank at Rs 648 per unit, 3 per cent premium to its closing price of Rs 628.7 on Thursday. Shares of Kotak Mahindra Bank were up 0.94 per cent to Rs 634.6 at 10:25 am on the Bombay Stock Exchange on Friday. Full story
Related:
Singapore entity buys stake in Kotak Bank - Yahoo! News India
