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Warburg cuts stake in Kotak Mahindra Bank: Sources
Private equity investor Warburg Pincus sold about 17.5 million shares in India's Kotak Mahindra Bank via stock market deals on Wednesday to raise about USD 170 million, three sources with direct knowledge of the matter said.
Private equity investor Warburg Pincus sold about 17.5 million shares in India's Kotak Mahindra Bankvia stock market deals on Wednesday to raise about USD 170 million, three sources with direct knowledge of the matter said.
The shares, which represent 2.4% of Kotak Mahindra's outstanding equity, were sold at Rs 490 each, said the sources who declined to be identified as the matter was not public yet.
Warburg Pincus, which manages about USD 30 billion globally, held nearly six percent of Kotak Mahindra, stock exchange data showed, before the block deal through two of its investment vehicles.
A spokesman for Kotak Mahindra Bank in Mumbai declined to comment on the deal. Warburg Pincus officials did not immediately respond to calls for comment.
US private-equity giant Carlyle Group sold a quarter of its stake in Indian mortgage lender Housing Development Finance Corp on Wednesday, two sources with direct knowledge said.
