CPPIB Divests 1.7% Stake in Kotak Mahindra Bank for Rs 6,123 Crore

12 Jun 2023 , 12:30 PM

Canada Pension Plan Investment Board (CPPIB) has sold an approximately 1.7% stake in Kotak Mahindra Bank for Rs6,123 crore through an open market transaction. The bulk deal data available with the BSE reveals that CPPIB offloaded 3.30 crore shares, accounting for a 1.66% stake in Kotak Mahindra Bank.

The shares were sold at an average price of Rs1,855.64 apiece, resulting in a total transaction value of Rs6,123.61 crore. Following the transaction, CPPIB’s shareholding in Kotak Mahindra Bank has reduced from 4.34% to 2.68% as of the end of March.

Buyer Details Remain Unavailable: The specific details regarding the buyers of the shares sold by CPPIB could not be ascertained at this time.

Kotak Mahindra Bank’s Stock Performance: On Friday, shares of Kotak Mahindra Bank experienced a slight decline, closing at Rs1,871.90 per share on the BSE, marking a decrease of 0.77%. It is worth noting that in March of the previous year, CPPIB had previously sold 4 crore shares of Kotak Mahindra Bank, amounting to Rs6,800 crore.

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