<article>Dutch lender <a href="http://dealstreetasia.com/tag/ing-group" target="_blank" rel="noopener">ING Group</a> has exited its investment in <a href="http://dealstreetasia.com/tag/kotak-mahindra" target="_blank" rel="noopener">Kotak Mahindra Bank Ltd</a> by selling its remaining 3 per cent stake in the Indian banking major.</article>

Dutch lender <a href="http://dealstreetasia.com/tag/ing-group" target="_blank" rel="noopener">ING Group</a> has exited its investment in <a href="http://dealstreetasia.com/tag/kotak-mahindra" target="_blank" rel="noopener">Kotak Mahindra Bank Ltd</a> by selling its remaining 3 per cent stake in the Indian banking major.
According to stock market data, ING sold 58.45 million Kotak shares via two bulk deals amounting to a total of 3.06 per cent stake for Rs 7,171.21 crore (around $1 billion) on Friday. The names of the buyers were not disclosed.
The shares were sold in two tranches at Rs 1,228.51 and Rs 1,225.14 apiece. The Kotak Mahindra scrip closed down 3.7 per cent on Friday at Rs 1241.05 on BSE.
ING has been paring its stake in Kotak Mahindra bank periodically. In November last year, ING Mauritius Investments 1 Ltd, a subsidiary of the Dutch lender, sold about 12.7 million shares of Kotak for Rs 1,440.26 crore (around $200 million) in total. As a result, its shareholding in the Indian bank fell to around about 3 per cent from 3.73 per cent at the end of September 2018.
At the time, ING Mauritius Investments 1 had sold shares worth Rs 1,079.99 crore (about $150 million) via a block deal to Singapore’s sovereign wealth fund GIC. Scottish investment firm Edinburgh Dragon Trust and TfL Pension Fund, managed by Nomura, also acquired Kotak Mahindra Bank shares worth Rs 289.63 crore ($40.2 million) and Rs 70.62 crore ($9.8 million) respectively, the deals data showed.
In September 2016, the Dutch lender had divested a 2.5 per cent stake in Kotak Mahindra Bank for Rs 3,650 crore through an open market transaction. The sale reduced ING’s stake in the lender to 3.9 per cent from 6.4 per cent.
ING had acquired the stake in Kotak through the merger of ING Vysya Bank with Kotak Mahindra Bank in 2015.
Other key shareholders in Kotak Mahindra Bank include Canada’s largest pension fund Canada Pension Plan Investment Board (6.04 per cent stake), Europacific Growth Fund (4.94 per cent), Oppenheimer Developing Markets Fund (2.99 per cent), Japan’s Sumitomo Mitsui Banking Corporation (1.72 per cent), and Canada&#8217;s CDPQ(1.17 per cent), among others.
ING&#8217;s exit from the Indian lender has also led to the resignation of director Mark Newman from the board, Kotak Mahindra said in a separate stock market filing.
Also Read:
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/gic-kotak-mahindra-111248/" target="_blank" rel="noopener">Singapore’s GIC buys additional stake in Kotak Mahindra Bank for $150m</a>
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/india-tata-jet-ing-kotak-111192/" target="_blank" rel="noopener">ING Group may offload Kotak Mahindra Bank stake in open market</a>

Dutch lender ING Group has exited its investment in Kotak Mahindra Bank Ltd by selling its remaining 3 per cent stake in the Indian banking major.

Dutch lender ING exits India's Kotak Mahindra Bank, sells shares worth $1b

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Dutch lender ING exits India's Kotak Mahindra Bank, sells shares worth $1b

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