Uday Kotak To Sell Kotak Mahindra Bank Shares Worth Almost A Billion, Reports Bloomberg
Kotak Mahindra Bank Ltd.'s Founder and Chief Executive Officer, Uday Kotak, is set to sell 5.6 crore shares of the bank at Rs 1,215 - 1,240 per share, according to a Bloomberg report citing terms of the deal obtained by it. The transaction could fetch him upto $1 billion.
The pricing of the sale, likely to be executed on Tuesday (June 2) represents a 0.7% to 2.7% discount to Monday's closing price of Rs 1,248 per share. The sale will help reduce Uday Kotak's shareholding in the bank towards the stipulated 26.1%, the report says.
In January, the bank founder struck an agreement with Reserve Bank of India to reduce his stake from 30% to 26% by August, among other things. This brought to a close an over decade-long tussle between the bank promoter and the regulator on ownership limits.
Morgan Stanley, Goldman Sachs and Kotak Securities Ltd. are the placement agents for the share sale, the Bloomberg report said.
Separately, in April, Kotak Mahindra Bank's board approved a fundraising plan to sell as many as 6.5 crore shares either through a private placement of shares, a follow-on public offering, a qualified institutions placement or a combination thereof.
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