CPPIB sells 1.7 per cent stake in Kotak Bank for ₹6,123.6 crore

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Canada Pension Plan Investment Board (CPPIB) sold 3.3 crore shares or 1.7 per cent equity stake in Kotak Mahindra Bank in syndicated deals on Bahrain Stock Exchange On Friday, exchange data showed an average price of 1,855.64 Indian rupees. The total deal value was ₹6,123.6 crore.

The shares were sold by the pension fund in two large deals in early morning trading. About 2.2 crore shares were sold at Rs 1,855 each, while another batch of 1.09 crore shares was traded at INR 1,864.15. The buyer can not be sure.

shares Kotak Bank It ended 0.8 percent lower on the New York Stock Exchange at 1,872 rupees.

Also read:Kotak Bank reports net profit of INR 3,496 crore for Q4 FY23, up 26% YoY

CPPIB has been a long-term investor in the bank and has increased its stake from 4.9 percent at the end of March 31, 2016 to 6.26 percent at the end of March 31, 2018. At the end of March 2021, its stake in the bank is 6.37 percent but over the past two years it has reduced it to 4.34 percent At the end of March this year. The current share sale will reduce the fund’s holdings to less than 3 percent.

Over the past two years, Kotak Bank shares have fallen 5.2 percent, while the Nifty benchmark has gained more than 26 percent.