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ING to sell more stake in Kotak Bank

Dutch multinational banking and financial services firm ING Group is looking to sell around 1.2% stake in Kotak Mahindra Bank. The sale may fetch the group worth over Rs 2800 crore. The investment, held by ING Mauritius Investments total 3% stake in the bank, or 5,84,53,476 shares. ING Group may sell 23 lakh shares at the price of Rs 1125-1250 per share. Earlier, ING Group had merged its banking unit, ING Vysya Bank, with Kotak Mahindra Bank in November 2014. After the deal, the former held 6.5% stake in the merged entity, but offloaded some of its stake later.

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