Kotak Bank slips 3% as offers change submits square arrangements

Kotak Bank slips 3% as offers change submits square arrangements 

NEW DELHI: Shares of Kotak Mahindra Bank slipped more than 3 percent on Friday morning after 3 percent stake (5.87 crore shares) changed hands by means of six square arrangements on the counter. 

The offers changed hands at a normal cost of Rs 1,232, as indicated by Bloomberg information. The cost is at a 4.5 percent rebate of Thursday's nearby. 

The scrip shut at Rs 1,241.05, down 3.71 percent on BSE while the benchmark BSE Sensex was down 0.07 percent at 35,871.48. 

While the purchasers and dealers were not promptly known, BloombergQuint had prior revealed, citing two investors up to date, that ING Group is hoping to sell its stake in the private loan specialist. 

ING Mauritius Investments was holding 3.06 percent stake, or 5,84,53,476 offers, in Kotak Mahindra Bank as of December 31, 2018, as indicated by the BSE site. 

"ING to sell 23 lakh offers, or 1.20 percent value, in the scope of Rs 1,125-1,250 for every offer on February," ET Now said in a report. 

In the interim, the offers of Kotak Mahindra Bank opened at Rs 1252 on BSE against its past shutting of Rs 1288.90.