ING confirms sale of stake in Indian Kotak Mahindra Bank

Dutch financial services group ING (AMS:INGA) has sold its 3.1% stake in Indian Kotak Mahindra Bank (BOM:500247), a spokesman for ING told Reuters on Thursday, without revealing financial details.

Various media reported yesterday about the sale, estimating the selling price at between INR730 (EUR12.79/USD15.81) and INR750 apiece. Based on these estimates, ING's 10.8m shares in the Indian bank are worth between EUR138.9m and EUR142.7m.

Country: India;

Sector: Banking/Financial Services

Target: Kotak Mahindra Bank Limited

Vendor: ING Groep NV

Deal size in USD: 171.7m-176.4m

Type: Divestment

Status: Closed

Comment: The deal size is potential.

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