The announcement was made after trading hours on Tuesday, 5 February 2013.
Meanwhile, the BSE Sensex was up 54.13 points, or 0.28%, to 19,713.95.
On BSE, 9,258 shares were traded in the counter as against an average daily volume of 68,040 shares in the past one quarter.
The stock hit a high of Rs 687.70 so far during the day, which is also a 52-week high for the counter. The stock hit a low of Rs 678.95 so far during the day. The stock had hit a 52-week low of Rs 510.50 on 6 February 2012.
The stock had outperformed the market over the past one month till 5 February 2013, rising 4.36% compared with the Sensex's 0.63% fall. The scrip had also outperformed the market in past one quarter, rising 8.58% as against Sensex's 4.78% rise.
The large-cap bank has an equity capital of Rs 372.52 crore. Face value per share is Rs 5.
Kotak Mahindra Bank (KMBL) said the acquisition in line with its strategy to add value to its existing business lines as it strengthens its business loan portfolio. With this transaction, KMBL will gain access to about 6,000 business loan customers, with a total loan outstanding of about Rs 700 crore. All these acquired loans are classified as standard loans as per the current Reserve Bank of India guidelines, KMBL said.
Commenting on the transaction, Paul Parambi, Head -- Group Strategy, KMBL said: The strategic intent behind this transaction is to further grow our business loans portfolio for chosen client segments. Business loans are an important element in our segmented offering. This acquisition also gives us a very good set of customers who can be offered our entire suite of banking products. We have an appetite for further acquisitions which can strategically create value for us and will actively seek such opportunities.
Kotak Mahindra Bank's consolidated net profit rose 24.76% to Rs 577.21 crore on 33.09% growth in total income to Rs 4157.12 crore in Q3 December 2012 over Q3 December 2011.
Established in 1985, the Kotak Mahindra group is one of India's leading financial services conglomerates. The Group offers a wide range of financial services that encompass every sphere of life. From commercial banking, to stock broking, mutual funds, life insurance and investment banking, the Group caters to the diverse financial needs of individuals and the corporate sector. The Group has a wide distribution network through branches and franchisees across India, and international offices in London, New York, California, Dubai, Abu Dhabi, Bahrain, Mauritius and Singapore.