ING Group Exits Kotak Mahindra Bank, Sells 1.2% Stake
Private sector lender Kotak Mahindra Bank Ltd. said that ING Group has exited as investor by selling its entire stake in the bank. ING Group held around 1.20 percent stake in Kotak Mahindra Bank.
It is estimated that the stake would have fetched Rs 2,800 crore to the global financial institution of Dutch origin.
Following the stake sale, Mark Newman, a non-executive director of the bank has resigned from the board. Newman was nominee director of ING Group.
"Earlier today ING Group sold its remaining stake in the bank. I hereby resign from my position as a director of the company with immediate effect," Newman said.
ING Group merged its banking arm ING Vysya Bank with Kotak Mahindra Bank in November 2014. After the deal, ING Group had 6.5 percent stake in the merged entity, but it offloaded some of its stake gradually.