An associate of Kotak Mahindra Group has bought 27.76 per cent stake in publisher Business Standard Ltd that was held by Great Eastern Shipping Co Ltd, the publisher said at the weekend, according to Reuters.
Infina Finance Pvt Ltd, an associate of Kotak Mahindra Group, which controls Kotak Mahindra Bank, which bought the holding did not disclose financial details. The Mint newspaper on Monday said GE Shipping had bought 33 per cent in Business Standard in 1998 for 250 million rupees ($5.8 million), a stake that was later diluted to 28 per cent. In April, Infina had bought 13.85 percent of Business Standard that was held by Financial Times publisher Pearson.
