Kotak Bank sells 6.5 per cent stake in Shriram City Union Finance

Kotak Mahindra Bank sold its entire 6.5 per cent stake, or 43.4 lakh shares, in Shriram City Union Finance on Thursday, the lender informed the exchanges.

The stake sale comes following the merger of Shriram City Union with its sister company Shriram Transport Finance. The shares were issued to the bank in lieu of term loans taken by the company, the exchange notification said.

The disposal of the shares was undertaken as per the “terms and conditions of Term Loan facilities extended to the borrower”, it said.

The equity share capital of Shriram City Union continues to be ₹67 crore, comprising 6.7 crore shares of ₹10 each.

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