Kotak Bank denies talks with Warren Buffett, shares trim gains

09 Décembre, 2018, 03:30 | Auteur: Auguste Feret
  • A man walks past the Kotak Mahindra Bank branch in New Delhi

Early in the day, shares of Mumbai-headquartered bank opened at Rs 1183 apiece and rallied as much as 13.86 per cent to touch an intra-day high of Rs 1345.35 on the BSE after media report suggested that Berkshire Hathaway may buy stake in the bank. The stock posted its biggest intraday gain since November 2014.

The reaction followed a news reported citing unnamed sources by CNBC-TV18 that Warren Buffett's Berkshire Hathway is looking to buy a 10 percent stake in the bank that is being valued about $4 to $6 billion.

Uday Kotak, the billionaire head of Kotak Mahindra Bank, has been asked by the country's central bank to lower his holding in the bank to 20 percent by the end of this year, and to 15 percent by March 31, 2020.

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On August 14, the bank in a statement to the exchanges said, "RBI has today communicated to us that our PNCPS issuance does not meet their promoter holding dilution requirement".

The stock gained 33 percent in the past 12 months compared to an 8.3 percent gain in the S&P BSE Sensex, according to Bloomberg data.

A stake acquisition by USA -based Berkshire Hathaway may be conducive to Uday Kotak, the billionaire head of Kotak Mahindra Bank, who has been asked by India's central bank to lower his holding in the private-sector lender to 20 percent by the end of this year, and to 15 percent by March 31, 2020.

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