Kotak Bank stock rallies 3.2%

Shares of private sector lender Kotak Mahindra Bank surged 3.23 per cent...

Shares of private sector lender Kotak Mahindra Bank surged 3.23 per cent after Japan’s Sumitomo Mitsui Banking Corporation said it will acquire 4.5 per cent stake in it for Rs 1,366 crore.

Shares of Kotak Mahindra Bank settled 3.23 per cent higher at Rs 770.80 on the Bombay Stock Exchange,after scaling 3.56 per cent in the day to Rs 773.30.

The private sector lender has entered into an agreement with Sumitomo Mitsui Banking Corporation of Japan to sell 1.64 crore shares at Rs 833 a piece,aggregating to Rs 1,366 crore.

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The scrip saw a similar trend on the National Stock Exchange where it settled at Rs 771.55,up 3.70 per cent.

In terms of volume,a total of 28.6 lakh shares of Kotak Bank changed hands on both the bourses.

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