MUMBAI: Dutch lender ING Group NV is selling a part of its stake in private sectorKotak Mahindra BankBSE 0.79 % to raise up to $550 million (Rs 3,654 crore) close to two years after exiting the business in India as it seeks to repatriate capital to its home market.
A term sheet released on Wednesday said that the bank could sell up to 2.54% of shares out of the total 6.42% stake it holds in Kotak in a block trade which opened on Wednesday evening and will close early morning on Thursday.
The sale is part of the stake monetization plan by the Dutch lender, the term sheet said. A Kotak spokesperson declined to comment.
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Source: Economic Times
