Kotak Private Equity group today offloaded 5.73 per cent stake in auto component maker Minda Corporation for an estimated Rs 120 crore through open market transactions.
The fund is the arm of the private sector lender Kotak Mahindra Bank. Kotak Private Equity Fund and Kotak India Growth Fund II together sold a total of 1,20,03,615 shares, representing 5.73 per cent stake of Minda Corp, according to bulk deal data available with stock exchanges.
The shares were sold at an average price of Rs 100.26, valuing the transaction at Rs 120.36 crore. The company's promoter Ashok Minda purchased 19.66 lakh shares of Minda Corp, Minda Capital (53 lakh) and Minda S M Technocast (29.5 lakh).
As of June quarter, the private equity fund held 14.71 per cent stake in the auto component firm. Shares of Minda Corp plunged 4.67 per cent to close at Rs
102.10 apiece on the BSE.