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Uday Kotak to sell 2.83% equity to reduce stake as per RBI requirement
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SME Times News Bureau | 01 Jun, 2020
Uday Kotak is selling 2.83 per cent equity stake in Kotak Mahindra Bank,
through a block deal, for around $900 million to meet the criteria set by the RBI to reduce promoter shareholding to 26 per cent in the bank.
Kotak
is the promoter of the bank and Managing Director. This will be a 100
per cent secondary placement through an accelerated book-build offering
of equity shares. The block deal will take place on June 2, Tuesday.
The placement agents are Kotak Securities, Morgan Stanley and Goldman Sachs.
The
deal size will be up to $900-918 million or Rs 68-69,440 crore assuming
deal size of 56 million equity shares or up to 2.83 per cent of total
equity shares outstanding as of May 31, 2020.
Uday Kotak, as the
promoter, is selling the stake. The pre-holding of the promoter group is
28.93 per cent which will be reduced to 26.10 per cent post the block
deal.
The deal objective of the sale of equity shares by Uday
Suresh Kotak is to assist the Bank to progress towards compliance with
Reserve Bank of India's requirement to reduce promoters' shareholding in
the Bank to 26 percent of its paid up voting equity share capital by
August 17, 2020.
The floor price is Rs 1,215-1240 per equity
share. The discount range will be 0.7 per cent discount (at top end of
offer price range) and 2.7 per cent discount (at floor price) to the
close price of Rs 1,248.40 as on June 1 on the National Stock Exchange
of India.
The discount range will be 1.5 per cent discount (at
top end of offer price range) and 3.5 per cent discount (at Floor Price)
to the VWAP price of Rs 1,258.48 as on June 1, 2020 on the National
Stock Exchange of India.
The lock up stipulation is that the
seller will not sell equity shares of the Bank for 60 days from May 29,
subject to such restriction not being applicable on sale of equity
shares of the bank by one or more members of the promoter group of the
bank that progress towards the RBI's requirement to reduce the current
promoter shareholding in the bank to 26 per cent of the paid-up voting
equity share capital of the company.
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