Kotak Mahindra Bank Ltd.

Global private equity major Warburg Pincus, offloaded its 3.6% stake in private sector bank -Kotak Mahindra Bank- in a deal which was valued at around Rs 1,400 crore. The shares were sold by Warburg Pincus at an average price of Rs 530 a share, which is much lower than close price of Rs 556.00 at National Stock Exchange on Monday, April 2.

This is the second time in as many months that Warburg has sold shares of the bank. Global private equity major on February 2, sold about 17.5 million shares of Kotak Bank in a deal worth $170 million (about Rs 800 crore). Wargbug had picked up stake in the Mumbai-based private sector lender in 2004, while its Monday's deal marks its exit.

Recently, Kotak Mahindra Bank has signed a memorandum of understanding (MOU) with the Indian Army to offer Salary2Wealth account to all its personnel. The bank has also launched a special Education Loan programme for children of the Indian Army personnel, and will offer its Personal Segment loan products - home loans, auto loans (offered by Kotak Mahindra Prime) and personal loans, at concessional rates to the Indian Army.