ING Group sells its entire 1.2% stake in Kotak Mahindra Bank
New Delhi: Private sector lender Kotak Mahindra Bank Friday said that ING Group has exited as investor by selling its entire stake in the bank.
ING Group had around 1.20 per cent 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 sale of stake, 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 ofthe Company with immediate effect," a regulatory filing 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 per cent stake in the merged entity, but offloaded some of its stake gradually.