Press Esc to close
Thursday 03 September 2015
News updated at 4:17 AM IST
Weather
Max: 34°C
Min : 21°C
In Bengaluru
Partially cloudy

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
Bandh supporters blocked railway track at Sodepur Station in North 24 Pargana...

Bandh supporters blocked railway track at Sodepur Station in North 24 Pargana...

Kashmiri women carry grass as they walk through the fields on the outskirts of Srinagar...

Kashmiri women carry grass as they walk through the fields on the outskirts of Srinagar...

Social activist Nafisa Ali showing her support to Ex-servicemen...

Social activist Nafisa Ali showing her support to Ex-servicemen...

Students from Manipur shout slogans during protest against recent violence in Manipur...

Students from Manipur shout slogans during protest against recent violence in Manipur...

School children dress up as lord Krishna during a fancy dress competition...

School children dress up as lord Krishna during a fancy dress competition...

Launch of Land Rover Discovery Sport in Mumbai...

Launch of Land Rover Discovery Sport in Mumbai...

Launch of the World's slimmest tablet 'Galaxy Tab S2' ...

Launch of the World's slimmest tablet 'Galaxy Tab S2' ...

People ride a boat across flood waters in Kaziranga National Park on Wednesday...

People ride a boat across flood waters in Kaziranga National Park on Wednesday...

All India Bandh for various demands  in Bengaluru on Wednesday...

All India Bandh for various demands in Bengaluru on Wednesday...

Kannada Chaluvali Vatal Party President Vatal Nagaraj staging protest...

Kannada Chaluvali Vatal Party President Vatal Nagaraj staging protest...

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