ING Group is looking to sell around 1.20 percent stake in Kotak Mahindra Bank worth over Rs 2,800 crore via block deal on February 22, according to a report by ET Now.
Moneycontrol could not confirm the report independently.
ING Mauritius Investments held about 3 percent stake, or 5,84,53,476 shares, in Kotak Mahindra Bank as of December 31, 2018, shows BSE data.
ING Group may sell 23 lakh shares, or 1.20 percent equity, at the price of Rs 1,125-1,250 per share, said multiple media reports.
On February 21, the Kotak Mahindra stock closed marginally lower at Rs 1,288.90 on the BSE.
ING Group merged its banking unit, ING Vysya Bank, with Kotak Mahindra Bank in November 2014. After the deal, the former held 6.5 percent stake in the merged entity, but offloaded some its stake later.
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