Kotak Mahindra Bank slips after block deal

24 Mar 2022 , 12:07 PM

At 9:24 IST, around 3,17,69,813 equity shares, representing 1.60% of total equity of Kotak Mahindra Bank, changed hands at the counter on the BSE. The names of the buyers and sellers could not be ascertained.

The media reported that Canada Pension Plan Investment Board is expected to sell stake via a bulk deal on 24 March 2022 to make a partial exit from Kotak Mahindra Bank. The Canadian pension fund will offload a 1.41% to 2.02% stake in the private lender at Rs 1,681.26-Rs 1,769.75 per share through the bulk deal.

As on 31 December 2021, Canada Pension Plan Investment Board held 6.37% stake in Kotak Mahindra Bank. It had invested back in 2017, after the Reserve Bank of India (RBI) asked the banks founder group to reduce its shareholding.

Kotak Mahindra Bank is a full-service commercial bank. As on 31 December 2021, Kotak Mahindra Bank has a national footprint of 1,647 branches and 2,609 ATMs.

The private sector banks net profit increased by 15% to Rs 2131.36 crore in Q3 FY22 from Rs 1853.54 crore in Q3 FY21. The banks total income in the third quarter rose by 4% YoY to Rs 8,260.48 crore.

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