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Shareholder in Kotak Mahindra Bank launches up to $300 mln stake sale

Reuters
Uday Kotak, Managing Director of Kotak Mahindra Bank poses for a picture at the company's corporate office in Mumbai January 15, 2015. REUTERS/Danish Siddiqui/Files (Reuters)

HONG KONG (Reuters) - An unnamed foreign shareholder has launched an up to $300 million share sale in Indian private sector lender Kotak Mahindra Bank, according to a term sheet of the deal seen by Reuters. The shares are being sold in a range of 611.34 rupees to 636.55 rupees apiece, according to the term sheet. Kotak Mahindra shares were priced at 630.40 rupees($9.24) at Monday's close on India's National Stock Exchange. The bank did respond immediately to an emailed request for comment outside business hours. ($1 = 68.1998 Indian rupees) (Reporting by Elzio Barreto; Editing by David Goodman)