September 29, 2016 / 5:16 AM / 10 months ago

BRIEF-ING Groep sells 46.7 million shares of Kotak Mahindra Bank

1 Min Read

Sept 29 (Reuters) - ING Groep NV :

* Announced sale of 46.7 million ordinary shares of Kotak Mahindra Bank (Kotak)

* Shares were sold at a price of INR 782.32 per share

* Gross proceeds to ING from offering amount to approximately 490 million euros ($550.22 million) (at current exchange rate)

* Sale reduces ING's stake in Kotak from currently 6.4 pct to 3.9 pct

* ING's remaining stake in Kotak will be subject to a 90 day lock-up following settlement of transaction which is expected to occur on 4 October 2016 Source text for Eikon: Further company coverage: ($1 = 0.8906 euros) (Gdynia Newsroom)

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