Friday , September 24 2021

Kotak Mahindra Bank jumps on executing SPA to sell shares of Airtel Payments Bank to Bharti Enterprises

Kotak Mahindra Bank is currently trading at Rs. 1755.05, up by 19.15 points or 1.10% from its previous closing of Rs. 1735.90 on the BSE.

The scrip opened at Rs. 1736.50 and has touched a high and low of Rs. 1759.20 and Rs. 1736.50 respectively. So far 69164 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 5 has touched a 52 week high of Rs. 2048.95 on 16-Feb-2021 and a 52 week low of Rs. 1231.20 on 25-Sep-2020.

Last one week high and low of the scrip stood at Rs. 1739.35 and Rs. 1689.65 respectively. The current market cap of the company is Rs. 348001.98 crore.

The promoters holding in the company stood at 26.00%, while Institutions and Non-Institutions held 57.39% and 16.61% respectively.

Kotak Mahindra Bank has executed a Share Purchase Agreement (SPA) for sale of 20,00,00,000 equity shares of Airtel Payments Bank to Bharti Enterprises. Such shares were acquired for an aggregated consideration of Rs 200 crore invested in tranches during calendar years 2016 and 2017. The transaction is expected to be completed on or prior to September 15, 2021.

Kotak Mahindra Bank offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiaries in the areas of personal finance, investment banking, life insurance, and wealth management.

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