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Uday Kotak to sell 2.8 pc stake in Kotak Mahindra Bank

1Jun By Press Trust of IndiaNo Comments

BUSINESS

Uday Kotak to sell 2.8 pc stake in Kotak Mahindra Bank

Mumbai, Jun 1, 2020: Billionaire banker Uday Kotak, who had a long run-in with the Reserve Bank over his excess personal holding in Kotak Mahindra Bank, will sell 2.8 percent stake in the lender for at least $90 million (Rs 6,800 crore). The move would bring the curtains down on a long standoff between the regulator and the bank over the issue, which saw Kotak dragging the RBI to the Bombay High Court in December 2018, and the case is still pending. "The stake dilution will be done through a block deal and will be completed shortly at a price band of Rs 1,215 to Rs 1,240 a share," a person familiar with the development told PTI. As per the term sheet, the deal would be worth $90 million at the lower end of the price band. Currently, Kotak and his family hold a 28.8 percent stake i...

Berkshire Hathaway Looking to Pick up Stake in Kotak Mahindra Bank

As per the report, Warren Buffett's Berkshire Hathaway Inc was planning to pick up stake in India's Kotak Mahindra Bank. Berkshire Hathaway may invest between USD 4 billion and USD 6 billion in the lender by buying promoter stake or through a preferential allotment. Following the news, the stock of kotak mahindra which opened on a positive note, further jumped 13.86 per cent to the hit an intra-day high of Rs 1,345.35. At 1330 hrs the stock was trading at Rs 1,239, up 4.87 per cent from the previous close. On NSE, following a similar trend, the stock soared 14.03 per cent to Rs 1,345.95, its highest during the day. It was quoting at Rs 1,238.35, an increase of 4.92 per cent from the previous close, at 1330 hrs. The Reserve Bank had earlier asked promoters of the bank to b...

Google to Partner With Four Indian Banks to Offer Online Loans

The multinational technology giant Google is reportedly teaming up with four Indian banks for the purpose of granting consumer loans online. This move comes as the fight for a $1 trillion digital finance market is intensifying. The banks that the largest search engine is partnering with include HDFC Bank, ICICI Bank, Kotak Mahindra Bank and Federal Bank. These banks in collaboration with Google will offer instant, pre-approved loans to customers “right within Google Pay in a matter of seconds.” In this technology-driven era, internet giants are joining the league to provide financial services in the world’s fastest-growing mobile arena. Online lending is becoming the next big thing as mobile users look for small loans with minimal paperwork and formalities. This also helps to save ti...