Kotak Mahindra Bank, one of the leading private sector lenders has divested 10% stake in ECA Trading Services (ECA) to one of its subsidiaries for nearly Rs 20 million.

The Bank has sold 1,09,48,925 equity shares of Rs 10 each (10% of its stake) of ECA Trading Services to Kotak Securities (a wholly-owned subsidiary of the bank), at a consideration of Rs 19.8 million.

The Bank has appointed Ashok Gulati as Additional and Independent Director for a term of five years, with effect from Mar. 6, 2021 up to the next Annual General Meeting of the Bank, subject to the approval of the Members of the Bank.

Shares of the Bank gained Rs 26.25, or 1.38%, to trade at  Rs 1,923.75.  The total volume of shares traded  was 308,780 at the BSE (Friday).

The scrip has touched a high and low of Rs. 1,928 and Rs. 1,869.55 respectively. It touched a 52 week high of Rs. 2,048.95 on Feb 16, 2021 and a 52 week low of Rs. 1,000.35 on Mar 19, 2020.