Kotak Mahindra Bank has sold 8.50% of its stake and Kotak Mahindra Prime (a wholly owned subsidiary of the Bank) has sold 11.50% of its stake in ECA Trading Services (ECA) (Formerly known as Ace Derivatives & Commodity Exchange). The Bank has received cash consideration of Rs 1.67 crore, while Kotak Mahindra Prime has received cash consideration of Rs 2.27 crore.
Divestment of equity stake of 8.50% held by Kotak Mahindra Bank and 11.50% held by Kotak Mahindra Prime to comply with the RBI Regulations on investment in a non-financial services entity since ECA has ceased to be a commodity exchange.
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.
