Canadian pension fund to sell 40 million shares of Kotak Mahindra Bank via bulk deal - 25th March 2022

Canadian pension fund to sell 40 million shares of Kotak Mahindra Bank via bulk deal - 25th March 2022

• Karma
• March 25 11:45:37, 2022

Canadian pension fund to sell 40 million shares of Kotak Mahindra Bank via the bulk deal

The sale is at a discount of 0-5% from the current market price. The total deal value is estimated between Rs 4,707.5 crore to Rs 4,955 crore and the books will be closed at 7:30 am on Thursday, March 24.  

Kotak Bank

As per the latest shareholding data available on BSE, the pension fund holds a 6.37% stake in Kotak Mahindra Bank. Canada Pension Plan Investment Board is expected to sell stake via a bulk deal on March 24 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. The deal size is 28 million shares, which would further include an additional 12 million shares — taking the total deal size to 40 million. The sale is at a discount of 0-5% from the current market price. The total deal value is estimated between Rs 4,707.5 crore to Rs 4,955 crore and the books will be closed at 7:30 am on Thursday, March 24. As per the latest shareholding data available on BSE, the pension fund holds a 6.37% stake in Kotak Mahindra Bank. It had invested back in 2017, after the Reserve Bank of India (RBI) asked the bank’s founder group to reduce its shareholding to 30% by end of June 2017 and further to 15% by December 2020. On Wednesday, shares of Kotak Mahindra Bank closed lower by 2.11% or Rs 38.10 at Rs 1,769.75. The stock currently trades lower by 21% from its peak of Rs 2,253 scaled on October 27, 2021.