Kotak Mahindra Bank shares climb 14% on reports of Berkshire Hathaway stake buy

New Delhi: Stocks of Kotak Mahindra Bank Friday surged 14 percent amid media reports that Warren Buffett's Berkshire Hathaway Inc was planning to pick up stake in the private sector lender.

According to media reports, Berkshire Hathaway may invest between $4 billion and $6 billion in the lender by buying promoter stake or through a preferential allotment.

Following the news, the scrip, which opened on a positive note, further jumped 13.86 percent to the hit an intra-day high of Rs 1,345.35.

At 1330 hrs the stock was trading at Rs 1,239, up 4.87 percent from the previous close.

On NSE, following a similar trend, the stock soared 14.03 percent to Rs 1,345.95, its highest during the day.

It was quoting at Rs 1,238.35, an increase of 4.92 percent from the previous close, at 1330 hrs.

The Reserve Bank had earlier asked promoters of the bank to bring down their stake to 20 percent by December 2018 and 15 percent by March 2020.

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Updated Date: Dec 07, 2018 14:15:57 IST

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