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ING sells more stake in Kotak Mahindra Bank

Dutch financial company ING has sold 1.27 crore shares in Kotak Mahindra Bank for a little over Rs 14.4 billion crore through an open market transaction. ING Mauritius Investments, the investment arm of the Dutch bank, held 3.73%, or over 7.11 crore shares in the bank at the end of September. The shares were sold on an average price of Rs 1130. The government of Singapore is expected to pick up over 95.57 lakh shares of the bank. ING had off-loaded 2.5% stake in Kotak Mahindra Bank for an estimated Rs 36.53 billion in 2016.

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