Kotak Mahindra Bank Edges Higher After Selling Stake in Airtel Payments Bank
- ByStartupStory | September 2, 2021
Share price of Kotak Mahindra Bank gained around two percent on Thursday, September 2, a day after the bank completed the sale of its 8.6 percent stake in Airtel Payments Bank. Kotak Mahindra Bank opened on the BSE at ₹ 1,750.05, swinging to an intra-day high of ₹ 1,774 and an intra-day low of ₹ 1,744, in the trading session so far.
Kotak Mahindra Bank Limited completed the transaction with the sale of 20,00,00,000 equity shares – around 8.57 per cent shareholding of Airtel Payments Bank Limited to Bharti Enterprises Limited. The bank completed the transaction on August 31 for an aggregate sale consideration of ₹ 294.8 crore, according to a regulatory filing by the firm to the stock exchanges.
Airtel Payments Bank is a payments bank that is duly licensed by the Reserve Bank of India (RBI) to carry out the activities permitted under the license issued by the banking regulator. Kotak Mahindra Bank does not require any governmental or regulatory approvals for the proposed transaction and Bharti Enterprises Limited- the acquirer has received ‘no objection’ from the RBI to enable the execution of the transaction. The statement added that the indicative time period for the completion of the transaction is likely on or before September 15, 2021.
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