Singapore's Heliconia Pte Ltd is set to buy 2.6 percent stake in private sector Kotak Mahindra Bank for RS1,296 crore.
The bank's board of directors has approved the subscription of two crore equity shares or about 2.6 shareholding in the bank by Heliconia, an affiliate of GIC of Singapore.
Heliconia's offer of RS648 per share puts the value of Kotak Mahindra Bank at RS49,000 crore.
Kotak Mahindra Bank president and Group CFO Jaimin Bhatt, welcomed the investment of a reputed and large financial institution like Heliconia as it underscores the bank's strong fundamentals.
The consolidated networth of Kotak Group is RS14,568 crore.
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