Press Esc to close
Tuesday 17 January 2017
News updated at 3:57 PM IST
Weather
Max: 28°C
Min : 15.7°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
London Olympics bronze medallist grappler Yogeshwar Dutt during his wedding procession at his ...

London Olympics bronze medallist grappler Yogeshwar Dutt during his wedding procession at his ...

German Chancellor Angela Merkel, right, and the Prime Minister of New Zealand Bill English, left ...

German Chancellor Angela Merkel, right, and the Prime Minister of New Zealand Bill English, left ...

In this photo taken Thursday, Dec. 22, 2016, Kenyan artist Evans Yegon displays one of his paintings

In this photo taken Thursday, Dec. 22, 2016, Kenyan artist Evans Yegon displays one of his paintings

BJP President Amit Shah welcomes former Congress leader Yashpal Arya after he was inducted into BJP

BJP President Amit Shah welcomes former Congress leader Yashpal Arya after he was inducted into BJP

People walk under their umbrellas on snow covered road after fresh heavy snowfall in Shimla on ...

People walk under their umbrellas on snow covered road after fresh heavy snowfall in Shimla on ...

A camel performs during the ongoing 24th International Camel Festival in Bikaner on Sunday...

A camel performs during the ongoing 24th International Camel Festival in Bikaner on Sunday...

Art lovers thronging Chitra Santhe organised by Karnataka Chitrakala Parishat on Kumara Krupa...

Art lovers thronging Chitra Santhe organised by Karnataka Chitrakala Parishat on Kumara Krupa...

Large number of art lovers visiting the 14th annual art fair 'Chitra Sante' organized...

Large number of art lovers visiting the 14th annual art fair 'Chitra Sante' organized...

A large number of tourists throng Mysuru Palace as weekend holidays and Mysuru Zoo remain closed...

A large number of tourists throng Mysuru Palace as weekend holidays and Mysuru Zoo remain closed...

People walk on a snow covered road following heavy snowfall at Kandi Area in Budhal, Rajouri...

People walk on a snow covered road following heavy snowfall at Kandi Area in Budhal, Rajouri...

Like us on Facebook

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