GIC, a Singaporean sovereign wealth fund, has acquired additional 9.56 million shares via a block deal to increase its shareholding in Indian non-banking finance company Kotak Mahindra Bank Ltd.
GIC bought the shares from ING Mauritius Investments 1 Ltd, a subsidiary of Dutch lender ING Bank NV.
The transaction was valued at 1 crore rupees ($150 million). Kotak Mahindra Bank’s scrip moved up 2.77 percent to close at $16.16 apiece on Thursday.
ING Mauritius Investments 1 Ltd has so far sold about 12.7 million shares of Kotak for $200 million in total.