Private equity investor, Warburg Pincus has divested 2.37% stake in Kotak Mahindra Bank. The private equity investor has sold 1.75 crore shares in a block deal through two of its investment vehicles. Warburg Pincus which manages about $30 billion globally, held nearly 6% of the bank before the deal.
Kotak Mahindra Bank offers savings accounts, corporate salary accounts, current accounts, term deposits and investment products through its network of branches.
The bank’s net profit for the quarter ended December 31, 2011 has surged by 46.95% at Rs 276.08 crore as compared to Rs 187.87 crore for the quarter ended December 31, 2010. Bank’s total Income has increased by 47.42% at Rs 1922.94 crore for the quarter under review from Rs 1304.41 crore for the December quarter of the previous fiscal.
