85 breached
The Indian rupee has breached the significant psychological barrier of 85 against the US dollar, marking an all-time low amid a confluence of domestic and global pressures.
Private lender Kotak Mahindra Bank on Friday announced that it has sold 10 per cent stake in ECA Trading Services to one of its subsidiaries for nearly Rs 2 crore.
In a regulatory filing the bank said, “… we wish to inform you that Kotak Mahindra Bank Limited (‘Bank’) has sold 1,09,48,925 Equity Shares of Rs.10/- each (10% of its stake) of ECA Trading Services Limited (ECA) (Formerly known as Ace Derivatives & Commodity Exchange Limited) to Kotak Securities Limited (a wholly owned subsidiary of the Bank), at a consideration of Rs.1.98 crore.”
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The divestment, Kotak said, was done to comply with prudential limit stipulated by the Reserve Bank of India on investment in a non-financial services entity.
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“The holding of the bank at the consolidated level continues to be 20 per cent,” the filing added.
The transaction was completed on March 4, 2021, said the lender.
Hours after the announcement, share price of the lender was at 1.08 per cent higher at Rs 1,918.00 on the BSE.
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