ING sells 2.5% stake in Kotak Mahindra Bank for Rs 3678 crore

Dutch banking and financial service provider ING Group on Thursday sold 46.7 million ordinary shares of Kotak Mahindra Bank - India's fifth largest private bank. 

"Remaining stake of ING in Kotak will now be subject to a 90 day lock-up following settlement of the transaction which is expected to occur on 4 October 2016," it said in a statement. 

ING sold the shares at a price of Rs 782.32 per share, receiving gross proceeds of approximately  EUR 490 Million (nearly Rs 3677.62 crore)  at current exchange rate. 

ING's stake in the bank now stands at 3.9% from 6.4% earlier. 

Shares of Kotak Mahindra Bank closed at Rs 772.45, down by 1.32% on BSE.

ING said, "The transaction will not have a material impact on ING’s profit and loss account, shareholders' equity or capital ratios. "