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Warburg to pick up stake in Kotak

MUMBAI, NOV. 29. Warburg Pincus International LLC will pick up 2.75 per cent stake in Kotak Mahindra Bank for Rs. 75.90 crores, subject to shareholders' approval.

The board has approved a proposal to issue 33 lakh equity shares at Rs. 230 per share to Warburg Pincus on a preferential basis aggregating Rs. 75.90 crores, Kotak Mahindra Bank said in a release here today. The equity shares would have a lock-in period of one year, the release said.

PTI

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