Kotak Mahindra gets Warren Buffett push shares up nearly 8% on report of Berkshire Hathaway eyeing 10% stake
Shares of India’s major private sector lender Kotak Mahindra Bank rallied on Friday after a report suggested that legendary billionaire investor Warren Buffett is eyeing a 10 percent stake in the bank. Kotak Mahindra Bank share price gained 7.9 percent to an intra-day high of Rs 1,275. Berkshire Hathaway is eyeing a minimum 10 percent stake in Kotak Mahindra Bank and may look to invest $4-$6 billion, the channel reported citing unidentified sources.
Berkshire Hathaway may look at purchasing promoter stake via preferential allotment to invest in the Uday Kotak-led private lender
The Kotak Mahindra Bank stock posted its biggest intraday gain since November 2014.
Meanwhile, the RBI had earlier asked promoters of Kotak Mahindra Bank to bring down their stake to 20 percent by December 2018 and 15 percent by March 2020 in line with the guidelines for new bank licenses released four years ago. The RBI licensing guidelines for new private sector banks 2013, calls for promoter holding to be brought down in phases, first to 40 percent at the end of five years from the date of commencement of business operations.
Kotak Mahindra Bank is an Indian private sector bank headquartered in Mumbai, Maharashtra, India. In February 2003, Reserve Bank of India (RBI) issued the license to Kotak Mahindra Finance Ltd., the group’s flagship company, to carry on banking business.
Are you interested in learning stock market from basic to professional trader can contact for 2 days free trial? Stock Cash Tips
0 comments
Note: only a member of this blog may post a comment.