Press Esc to close
Thursday 11 February 2016
News updated at 6:32 PM IST
Weather
Max: 33°C
Min : 20°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
Sahana Kumari of India jumps in her final attempt of the High Jump event...

Sahana Kumari of India jumps in her final attempt of the High Jump event...

Divij Sharan and Ankita Raina show their medal at the medal presentation ceremony

Divij Sharan and Ankita Raina show their medal at the medal presentation ceremony

Apurvi Chandela, Pooja Ghatkar, Elizabeth Susan taking selfie during the presentation ceremony...

Apurvi Chandela, Pooja Ghatkar, Elizabeth Susan taking selfie during the presentation ceremony...

Indian Women and Mens Squash team posing for photograph with their Gold medals...

Indian Women and Mens Squash team posing for photograph with their Gold medals...

Veerdhawal Khade during the presentation ceremony for the 50m b fly swimming event...

Veerdhawal Khade during the presentation ceremony for the 50m b fly swimming event...

Flowers in full bloom during the press preview at the Mughal Garden ...

Flowers in full bloom during the press preview at the Mughal Garden ...

Jawans pay tribute at the memorial of the Sikh warrior General Sardar Sham Singh Attari ...

Jawans pay tribute at the memorial of the Sikh warrior General Sardar Sham Singh Attari ...

Concluding Session of Governors Conference in New Delhi...

Concluding Session of Governors Conference in New Delhi...

Else Sandberg, wife of the ambassador of Sweden to India launch the Zbee Electric vehicle ...

Else Sandberg, wife of the ambassador of Sweden to India launch the Zbee Electric vehicle ...

An Installation of the ' Make in India' logo at CST near BMC headquarters in Mumbai...

An Installation of the ' Make in India' logo at CST near BMC headquarters in Mumbai...

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