• search

Kotak Mahindra to buy Goldman Sachs' stake in JVs

Written by: Staff

Mumbai, Mar 16 (UNI) Following Kotak Mahindra Bank Limited's decision to buy the 25 per cent stake in its two subsidiaries held by Goldman Sachs (Mauritius) LLC, the Kotak Mahindra group will now wholly own both the subsidiaries--Kotak Mahindra Capital Company Ltd (KMCC) and Kotak Securities Ltd (KS).

Informing the BSE of its agreement signed with Goldman Sachs to purchase the 25 per cent stake in the two companies, Kotak Bank said that the strategic alliance with Goldman Sachs will now stand terminated.

The aggregate purchase consideration for the 25 per cent stake in the subsidiaries is Rs 333 crore.

While the consideration for the 25 per cent stake in Kotak Securities is Rs 123 crore, the consideration for KMCC is Rs 210 crore, said the company in a statement.

The transaction will be completed after the receipt of necessary regulatory approvals.

Describing the transaction as a change of an era, Uday Kotak, Executive Vice Chairman and Managing Director, Kotak Bank, said: ''The time has come for us to raise our aspirations and scale as the India story becomes center-stage in the global order. We have always aspired to create an Indian financial institution with global class and capabilities and this is a reinforcement of that vision.'' UNI JJ SSS SKB1937

For Daily Alerts
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more