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This is an archive article published on June 24, 2010

ING selling $110 mn stake in Kotak Bank

The shares would be sold at Rs 730 to Rs 750 each,the term sheet said.

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Dutch financial services group ING is selling $110 million,worth of shares in Kotak Mahindra Bank Ltd,a term sheet said on Thursday.

The shares would be sold at Rs 730 to Rs 750 each,the document said. The deal represents 2 per cent of Kotak Mahindra’s market value,and the seller has the option to upsize the deal to 3.1 per cent,the term sheet said.

A source said on Wednesday that ING was likely to sell its entire 3.1 per cent stake in Kotak.

Citigroup is the sole book runner.

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