Kotak Private Equity Sells Rs 120-Crore Stake In Minda Corp

, 1:59 PM IST

New Delhi: Kotak Private Equity group on Monday offloaded a 5.73 per cent stake in auto component maker Minda Corporation for an estimated Rs 120 crore through open market transactions.

The fund is an arm of private sector lender Kotak Mahindra Bank.

Kotak Private Equity Fund and Kotak India Growth Fund II together sold a total of 1,20,03,615 shares, representing 5.73 per cent stake of Minda Corp, according to bulk deal data available with stock exchanges.

The shares were sold at an average price of Rs 100.26, valuing the transaction at Rs 120.36 crore.

The company’s promoter Ashok Minda purchased 19.66 lakh lakh shares of Minda Corp, Minda Capital (53 lakh) and Minda S M Technocast (29.5 lakh).

As of the June quarter, the private equity fund held a 14.71 per cent stake in the auto component firm.

Shares in Minda Corp ended 4.67 per cent lower at Rs 102.10 apiece on the BSE, whose benchmark Sensex index finished down 1.3 per cent.