Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

But the job is not done yet!
Vote for the deserving candidate this year.

Check your mail to know more

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
SPONSORED BY
LIVE TV DownloadNews18 App
News18 English
»
1-min read

Warren Buffett's Berkshire Hathaway in Talks to Buy Stake in Kotak Mahindra Bank, Shares Surge to 9-Year High

As per RBI guidelines, Uday Kotak needs to dilute his stake to below 20 percent by December 2018. Kotak Mahindra Bank declined to comment for the story. A response from Berkshire Hathaway is awaited.

News18.com

Updated:December 7, 2018, 1:34 PM IST
facebookTwittergoogleskypewhatsapp
Warren Buffett's Berkshire Hathaway in Talks to Buy Stake in Kotak Mahindra Bank, Shares Surge to 9-Year High
A man walks past the Kotak Mahindra Bank branch in New Delhi. (Image: Reuters)
Loading...
New Delhi: Warren Buffett's Berkshire Hathaway is in talks for a 10 percent stake buy in Kotak Mahindra Bank valued at between $4 billion and $6 billion. Sources told CNBC-TV18, Berkshire Hathaway is looking to buy promoter stake or via a preferential allotment.

As per RBI guidelines, Uday Kotak needs to dilute his stake to below 20 percent by December 2018. Kotak Mahindra Bank declined to comment for the story. A response from Berkshire Hathaway is awaited.

Uday Kotak had sought RBI's permission to bring down his stake in the bank to 20 percent from the current 30 percent by selling nonconvertible perpetual noncumulative preference shares (PNCPS) to a group of investors in August 2018. RBI, however, shot down this arrangement.

On August 14, Kotak Mahindra Bank said, "RBI has today communicated to us that our PNCPS issuance does not meet their promoter holding dilution requirement. We continue to believe that we have met the requirement and will engage with the RBI in this behalf."

Shares of the bank posted their sharpest surge in nearly nine years after the news was reported. Kotak shares rose as much as 14 percent to 1,345.950 rupees, their highest since Sept. 3. This was the stock's sharpest intraday gain since February 2010.

The stock was the biggest contributor to gains on the Nifty, which was up 0.17 percent.
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
 
T&C Apply. ARN EU/04/19/13626
 
Most Active
Company Price Change %Gain
Reliance 1,385.95 3.14
PC Jeweller 145.15 -0.55
Interglobe Avi 1,554.40 -1.74
Tata Motors 236.25 2.49
Infosys 717.05 -0.97
Company Price Change %Gain
SpiceJet 136.25 2.68
PC Jeweller 145.20 -0.55
HDFC Bank 2,290.15 -0.63
Reliance 1,382.90 2.79
Jet Airways 163.90 -32.23
Top Gainers
Company Price Change %Gain
Reliance 1,385.95 3.14
JSW Steel 299.15 2.73
Tata Motors 236.25 2.49
BPCL 362.90 1.51
Wipro 284.80 1.39
Company Price Change %Gain
Reliance 1,382.90 2.79
Tata Motors 235.90 2.32
Asian Paints 1,465.35 0.65
TCS 2,145.50 0.61
Coal India 251.75 0.22
Top Losers
Company Price Change %Gain
Yes Bank 255.80 -4.00
Indiabulls Hsg 800.55 -3.83
Hindalco 207.20 -3.61
Vedanta 178.60 -3.43
Zee Entertain 402.30 -3.19
Company Price Change %Gain
Yes Bank 255.30 -4.18
Vedanta 178.70 -3.51
IndusInd Bank 1,764.00 -2.86
Tata Steel 542.85 -1.77
Larsen 1,360.75 -1.57

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results