Kotak Mahindra arm buys 6.8% in Diamond Power Infrastructure

Kotak Mahindra (International) Limited (KMIL), a subsidiary of Kotak Mahindra Bank Ltd and a foreign portfolio investor (FPI) has acquired 6.8% of the paid-up capital of Diamond Power Infrastructure Limited.
KMIL acquired 38,68,606 equity shares in Diamond Power at Rs23.65 each, for a total of Rs9,16 crore in stock market transactions, Kotak Mahindra Bank said in a release.

Following the acquisition, aggregate shareholding by Kotak Mahindra Bank Ltd and its subsidiaries / funds managed by subsidiaries has increased to 9.6 per cent of the paid-up capital of Diamond Power Infrastructure Limited, the release added.

The promoters holding in Diamond Power stood at 33.74 per cent while institutions and other entities held 39.13 per cent and 27.14 per cent, respectively.

Shares of Diamond Power Infrastructure zoomed 15 per cent to Rs27 on the Bombay Stock Exchange after Kotak Mahindra Bank said that its subsidiary has acquired stake in Diamond Power Infrastructure.

The stock opened at Rs26 and touched a high of Rs28. At 11:25am, over 1.83 million shares were traded on both the stock exchanges.

Kotak Mahindra Bank Ltd ended at Rs666.95, down Rs2.5 (or 0.37 per cent) from its previous closing of Rs669.45 on the BSE.

The scrip opened at Rs671 and touched a high and low of Rs674 and Rs663.2, respectively. A total of 1965908(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 122803.34 crore.

The BSE group 'A' stock of face value Rs5 touched a 52 week high of Rs744.45 on 21 July 2015 and a 52 week low of Rs586.5 on 29 February 2016.