ING Cuts Stake In India's Kotak Mahindra Bank To 3.9% - Quick Facts

(RTTNews) - Dutch banking firm ING Group (ING) announced Thursday that it has sold 46.7 million ordinary shares of India-based Kotak Mahindra Bank, and now owns 3.9 percent, compared to its previous stake of 6.4%.

The shares were sold at a price of 782.32 Indian Rupees per share. Gross proceeds to ING from the offering amount to approximately 490 million euros.

ING said its remaining stake in Kotak will be subject to a 90 day lock-up following settlement of the transaction which is expected to occur on October 4.

The company noted that the transaction will not have a material impact on its profit and loss account, shareholders' equity or capital ratios.

ING obtained its stake in Kotak through the merger of ING Vysya Bank with Kotak Mahindra Bank, which was effective from April 1, 2015.

Kotak and ING will continue to co-operate on cross-border business opportunities following a Memorandum of Understanding signed on June 5, 2015.

Kotak Securities Limited acted as Sole Global Coordinator and Bookrunner and Sole Stock Broker for the offering.