Press Esc to close
Monday 27 April 2015
News updated at 2:17 AM IST
Weather
Max: 33.4°C
Min : 21.6°C
In Bengaluru
Sunny day

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
Smoke blew up when fire brigade personnel spray water to douse fire of a cloth store...

Smoke blew up when fire brigade personnel spray water to douse fire of a cloth store...

India's National Disaster Response Force personnel look for survivors in a building, in Kathmandu...

India's National Disaster Response Force personnel look for survivors in a building, in Kathmandu...

People look at the debris of one of the oldest temples after it was damaged...

People look at the debris of one of the oldest temples after it was damaged...

Tourists gather inside Nepal's Tribhuvan International Airport...

Tourists gather inside Nepal's Tribhuvan International Airport...

People gather near the cracks on the road caused by an earthquake in Bhaktapur...

People gather near the cracks on the road caused by an earthquake in Bhaktapur...

A Nepalese man walks through destruction caused by Saturday's earthquake, in Bhaktapur, Nepal...

A Nepalese man walks through destruction caused by Saturday's earthquake, in Bhaktapur, Nepal...

People run away from a landslide triggered by a tremor, after a 7.9-magnitude earthquake...

People run away from a landslide triggered by a tremor, after a 7.9-magnitude earthquake...

This photo provided by Azim Afif, shows a small avalanche on Pumori mountain...

This photo provided by Azim Afif, shows a small avalanche on Pumori mountain...

A view of collapsed houses due to earthquake in Madhubani, Bihar...

A view of collapsed houses due to earthquake in Madhubani, Bihar...

A general view of the Basantapur Durbar Square that was damaged in Saturday’s earthquake...

A general view of the Basantapur Durbar Square that was damaged in Saturday’s earthquake...

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