ING Group on Friday said that it has sold its remaining 3 per cent stake in Kotak Mahindra Bank.
ING Group on Friday said that it has sold its remaining 3 per cent stake in Kotak Mahindra Bank. Following this development, Mark Newman, the non-executive and non-independent director of the Bank also resigned from the board with immediate effect, Kotak Mahindra Bank said in a regulatory filing.
ING Mauritius Investments owned nearly 3.06 percent stake in the Bank. It amounts to approximately 58,453,476 shares as of quarter ending December 2018, according to BSE data.
Earlier today there were reports in the media that the ING Group is looking to sell around 1.20 per cent stake in Kotak Mahindra Bank worth over Rs 2,800 crore via block deal.
“Earlier today ING Group sold its remaining stake in the Bank. I hereby resign from my position as a director of the Company with immediate effect,” Newman said in his resignation letter.
Meanwhile, Kotak Mahindra Bank has reported a 22.5 per cent on-year rise in its standalone net profit to Rs 1,291 crore for the third quarter of FY19. The profits were driven up by a good growth in the top line and also due to a write-back in provisions.
While provisions in Q3FY18 totalled Rs 212.77 crore, in the December 2018 quarter there was a write-back of Rs 32.3 crore. The bank’s pre-provisioning profit grew at just 6.5 per cent year-on-year to Rs 1,938.5 crore even though the net interest income grew 22.7 per cent y-o-y to Rs 2,939 crore. This was due to a sharp rise in expenses.