Kotak Mahindra International exits IFB Industries; sells shares worth Rs 106 cr

New Delhi: Kotak Mahindra International Ltd on Monday divested its entire 4.37 per cent stake in IFB Industries Ltd for Rs 106 crore through an open market transaction.

As per the block deal data on the BSE, Kotak Mahindra International sold the entire 17,70,451 shares it held in the firm at an average price of Rs 600 apiece. This took the total deal value to Rs 106.2 crore.

The shares were picked up at the same price by Jwalamukhi Investment Holdings, the data showed.

As per the shareholding data at the end of September 2019, both Kotak Mahindra International and Jwalamukhi Investment Holdings are public shareholders of IFB Industries and held 4.37 per cent and 2.84 per cent stake in the firm, respectively.

Shares of IFB Industries on Monday ended at Rs 604.45 on the BSE, 1.07 per cent higher than the previous close.


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