Share price of Kotak Mahindra Bank gained around two per cent on Thursday, September 2, a day after the bank completed the sale of its 8.6 percent stake in Airtel Payments Bank. Kotak Mahindra Bank opened on the BSE at Rs 1,750.05, swinging to an intra day high of Rs 1,774 and an intra day low of Rs 1,744, in the trading session so far.
Kotak Mahindra Bank Limited completed the transaction with the sale of 20,00,00,000 equity shares - around 8.57 per cent shareholding of Airtel Payments Bank Limited to Bharti Enterprises Limited. The bank completed the transaction on August 31 for an aggregate sale consideration of Rs 294.8 crore, according to a regulatory filing by the firm to the stock exchanges.
Airtel Payments Bank is a payments bank that is duly licensed by the Reserve Bank of India (RBI) to carry out the activities permitted under the license issued by the banking regulator.
Kotak Mahindra Bank does not require any governmental or regulatory approvals for the proposed transaction and Bharti Enterprises Limited- the acquirer has received 'no objection' from the RBI to enable the execution of the transaction. The statement added that the indicative time period for the completion of the transaction is likely on or before September 15, 2021.
On the NSE, Kotak Mahindra bank opened at Rs 1,752, registering an intra day high of Rs 1,773.65 and an intra day low of Rs 1,744, in the session so far. It was last trading 1.07 per cent higher at Rs 1,765.30 on the NSE.
Shares of Kotak Mahindra Bank were last trading 1.19 per cent higher at Rs 1,766.60 on the BSE.