Kotak Mahindra International has sold 2.11% stake in private sector lender South Indian Bank for an estimated over Rs 60 crore through an open market transaction. The shares were purchased by Lavender Investments.
Kotak Mahindra International sold a total of 2.85 crore shares, amounting to 2.11% stake of the bank. The shares were offloaded at an average price of Rs 21.2, valuing the transaction at Rs 60.42 crore.
As of December quarter, Kotak Mahindra International held 2.11% holding in South Indian Bank, while Lavender Investments owned 2.82% stake in the private sector lender.