Sumitomo buys stake in Kotak Mahindra Bank
By Erika Kinetz |
July 1, 2010, Thursday
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Print Edition
Print Edition
JAPAN'S Sumitomo Mitsui Banking Corp agreed to pay 13.7 billion rupees (US$293 million) for a 4.5 percent stake in Kotak Mahindra Bank, sending shares of India's fourth-largest lender up more than 3 percent yesterday. Kotak said it would issue Sumitomo Mitsui 16.4 million shares at 833 rupees per share, higher than Tuesday's closing price of 744.6 rupees on India's National Stock Exchange.
"We see this as a significant opportunity for two financial conglomerates to leverage their strengths to serve the Indo-Japan corridor across a range of financial services," Kotak Managing Director Uday Kotak said.
The two companies also said they signed a cooperation agreement to work together on cross-border business, investment and trade.
"We see this as a significant opportunity for two financial conglomerates to leverage their strengths to serve the Indo-Japan corridor across a range of financial services," Kotak Managing Director Uday Kotak said.
The two companies also said they signed a cooperation agreement to work together on cross-border business, investment and trade.
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