sold shares itholds in Kotak Mahindra BankLtd. to reduce its stake in the Indian lender to 3.9% from 6.4%.
The Dutchfinancial group said Sept. 29 that it sold 46.7 million shares in KotakMahindra Bank at 782.32 rupees per share, bringing gross proceeds from the saleto about €490 million.
ING'sremaining stake in the Indian bank will be subject to a 90-day lock-upfollowing settlement of the transaction, which is expected to occur on Oct. 4.The group said the transaction will not have a material impact on its profitand loss account, shareholders' equity or capital ratios.
KotakSecurities acted as sole global coordinator and stock broker, as well as book runner,for the share sale. Citigroup Global Markets India, Deutsche Equities India andJ.P. Morgan India acted as joint book runners.
As of Sept. 28, US$1 was equivalent to 66.49Indian rupees.