Sumitomo Banking Corporation plans to exit its stake Kotak Mahindra Bank through a block deal worth up to $700 million or ₹6,166.4 crore, a term sheet showed.
The Japanese financial institution will be selling up to 3.28 crore share or entire 1.65 per cent in the bank in a deal that has a floor price of ₹1,880, which is a 4.1 per cent discount to the closing price of Kotak Bank’s shares on the NSE.
Kotak Bank’s stock price has been volatile this year, rising just 9.6 per cent, coming off a high of ₹2,268.80 that it hit in April.
Sumitomo had acquired a 4.5 per cent stake in the Indian private lender in 2010, for ₹1,366 crore, at ₹833 a share.
Kotak Securities, Jefferies and Nomura are the joint placement agents for the deal.
Meanwhile Blue Jet Healthcare’s promoter Akshay Bansarilal Arora is selling up to 6.83 per cent stake in the company for a total amount of ₹800 crore, through an offer for sale. He held 69 per cent stake in the company at the end of June.
The OFS has a base size of ₹400 crore at a floor price of ₹675 per share, a discount of 7.6 per cent to the closing price of the stock on the NSE.
There is an oversubscription option for another ₹400 crore.
The offer is open for non-retail investors on September 10 and for retail investors on September 11, details of the offer showed.
Blue Jet Healthcare listed on the bourses in 2023, and its stock price has appreciated over 87 per cent since then.