NewsOrders & DealsSumitomo Banking to Exit Kotak Mahindra Bank with $700M Stake Sale; Blue Jet Healthcare Promoter Offers ₹800 Crore StakeSumitomo Banking to Exit Kotak Mahindra Bank with $700M Stake Sale; Blue Jet Healthcare Promoter Offers ₹800 Crore Stake
Sumitomo Banking Corporation plans to sell its entire 1.65% stake in Kotak Mahindra Bank through a block deal worth up to $700 million, with 3.28 crore shares at a floor price of ₹1,880.00 per share. Separately, Blue Jet Healthcare's promoter, Akshay Bansarilal Arora, announced an offer for sale of up to 6.83% stake, valued at ₹800 crore, with an offer price of ₹675.00 per share.
*this image is generated using AI for illustrative purposes only.
Sumitomo Banking Corporation, a Japanese financial institution, is set to make a significant move in the Indian banking sector by selling its entire 1.65% stake in Kotak Mahindra Bank. Concurrently, Blue Jet Healthcare's promoter has announced a substantial stake sale through an offer for sale (OFS).
Sumitomo's Exit from Kotak Mahindra Bank
Sumitomo Banking Corporation is planning to divest its entire 1.65% stake in Kotak Mahindra Bank through a block deal valued at up to $700 million. The key details of this transaction are:
- Number of shares to be sold: Up to 3.28 crore
- Floor price: ₹1,880.00 per share
- Discount: 4.1% to Kotak Bank's closing price
This move marks the end of Sumitomo's investment journey with Kotak Mahindra Bank, which began in 2010 when it acquired a 4.5% stake for ₹1,366.00 crore at ₹833.00 per share.
Kotak Mahindra Bank's Stock Performance
Kotak Mahindra Bank's stock has shown positive momentum this year:
- Year-to-date increase: 9.6%
- Recent high: ₹2,268.80 (reached in April)
Blue Jet Healthcare Promoter's Stake Sale
In a separate development, Akshay Bansarilal Arora, promoter of Blue Jet Healthcare, has announced an offer for sale (OFS) of up to 6.83% stake. The details of this offer are:
- Total offer value: Up to ₹800.00 crore
- Base offer size: ₹400.00 crore
- Oversubscription option: Additional ₹400.00 crore
- Offer price: ₹675.00 per share (7.6% discount to the closing price)
The OFS timeline is as follows:
- Non-retail investors: Opens on September 10
- Retail investors: Opens on September 11
Blue Jet Healthcare's Market Performance
Blue Jet Healthcare, which listed in 2023, has shown remarkable growth:
- Stock appreciation since listing: Over 87%
These stake sales by Sumitomo Banking Corporation and Blue Jet Healthcare's promoter represent significant movements in their respective sectors, potentially impacting market dynamics and investor sentiment in the coming days.
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