HomeBusinessKotak Mahindra Bank Edges Higher After Completing Stake Sale In Airtel Payments...

Kotak Mahindra Bank Edges Higher After Completing Stake Sale In Airtel Payments Bank

Kotak Mahindra Bank Edges Higher After Selling Stake In Airtel Payments Bank

Shares of Kotak Mahindra Bank have been final buying and selling 1.19 per cent greater at Rs 1,766.60 on the BSE.

Share worth of Kotak Mahindra Bank gained round two per cent on Thursday, September 2, a day after the financial institution accomplished the sale of its 8.6 p.c stake in Airtel Payments Bank. Kotak Mahindra Bank opened on the BSE at Rs 1,750.05, swinging to an intra day excessive of Rs 1,774 and an intra day low of Rs 1,744, within the buying and selling session up to now.

Kotak Mahindra Bank Limited accomplished the transaction with the sale of 20,00,00,000 fairness shares – round 8.57 per cent shareholding of Airtel Payments Bank Limited to Bharti Enterprises Limited. The financial institution accomplished the transaction on August 31 for an combination sale consideration of Rs 294.8 crore, in keeping with a regulatory submitting by the agency to the inventory exchanges.

Airtel Payments Bank is a funds financial institution that’s duly licensed by the Reserve Bank of India (RBI) to hold out the actions permitted below the license issued by the banking regulator. Kotak Mahindra Bank doesn’t require any governmental or regulatory approvals for the proposed transaction and Bharti Enterprises Limited- the acquirer has acquired ‘no objection’ from the RBI to allow the execution of the transaction.

On the NSE, Kotak Mahindra financial institution opened at Rs 1,752, registering an intra day excessive of Rs 1,773.65 and an intra day low of Rs 1,744, within the session up to now. It was final buying and selling 1.07 per cent greater at Rs 1,765.30 on the NSE.
Shares of Kotak Mahindra Bank have been final buying and selling 1.19 per cent greater at Rs 1,766.60 on the BSE.

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