Press Esc to close
Sunday 01 March 2015
News updated at 2:19 AM IST
Weather
Max: 31.7°C
Min : 16.9°C
In Bengaluru
clear sky

Singapore's Heliconia to buy 2.6% in Kotak Bank for Rs1,296 cr

New Delhi, Apr 12, 2013, (PTI) :

Private sector Kotak Mahindra Bank today said Singapore's Heliconia Pte Ltd will buy 2.6 per cent stake in the bank for Rs 1,296 crore.

The board of directors has approved Heliconia Pte Ltd, an affiliate of GIC of Singapore, to subscribe to two crore equity shares, or about 2.6 per cent shareholding in the bank for Rs 1,296 crore, Kotak Bank said in a statement.

The price of Rs 648 per share offered by Heliconia Pte Ltd values Kotak Mahindra Bank at about Rs 49,000 crore.

Shares of Kotak Bank were trading at Rs 635 apiece, up 1 per cent on the BSE during the afternoon.

The preferential equity issue is subject to shareholder and other necessary regulatory approvals, the statement added.

"We welcome a reputed and large global financial institution of the stature of GIC as our shareholder. Their investment in the Bank underscores the strong fundamentals of our institution," Kotak Mahindra Bank President and Group CFO Jaimin Bhatt said.

The transaction augments the Tier I capital of the Bank for pursuit of growth opportunities and is a step towards dilution of promoter stake in the bank, the statement said.
The consolidated networth of Kotak Group is Rs 14,568 crore.


Go to Top

Photo Gallery
Union Budget 2015-2016 viewing session at ASSOCHAM in New Delhi on Saturday...

Union Budget 2015-2016 viewing session at ASSOCHAM in New Delhi on Saturday...

Narendra Modi and other BJP members during presentation of the Union Budget 2015-16...

Narendra Modi and other BJP members during presentation of the Union Budget 2015-16...

An Indian worker carries a sack of onions at a wholesale market in Hyderabad, India...

An Indian worker carries a sack of onions at a wholesale market in Hyderabad, India...

BJP MP Kirti Azad carrying his copy of the Union Budget 2015-16 at the Parliament House in New Delhi

BJP MP Kirti Azad carrying his copy of the Union Budget 2015-16 at the Parliament House in New Delhi

Farmers listening to the Union budget 2015-16 speech on radio at a village in South Dinajpur...

Farmers listening to the Union budget 2015-16 speech on radio at a village in South Dinajpur...

A display board shows the share prices at the Bombay Stock Exchange (BSE) building in Mumbai...

A display board shows the share prices at the Bombay Stock Exchange (BSE) building in Mumbai...

Arun Jaitley along with MoS Finance Jayant Sinha addressing the post budget press conference...

Arun Jaitley along with MoS Finance Jayant Sinha addressing the post budget press conference...

Arun Jaitley along with MOS Finance Jayant Sinha leave Parliament after presenting the annual budget

Arun Jaitley along with MOS Finance Jayant Sinha leave Parliament after presenting the annual budget

Rohit Sharma and Virat Kohli embrace after defeating the UAE at their Cricket World Cup match...

Rohit Sharma and Virat Kohli embrace after defeating the UAE at their Cricket World Cup match...

Supporters of India's Cricket World Cup team wave the national flag during their match...

Supporters of India's Cricket World Cup team wave the national flag during their match...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523