CPPIB sells 2.02% stake in Kotak Bank

Mumbai: Canada Pension Plan Investment Board (CPPIB) has sold 40 million shares or a 2.02% stake in Kotak Mahindra Bank on Thursday for ₹6,800 crore. The shares were sold at ₹1,700.10 apiece in a block deal on the BSE.

The Regents of the University of California bought 11.23 million shares, according to BSE block deal data, while the names of the other buyers could not be ascertained. The floor price for the stake sale was fixed at ₹1,681.26-1,769.75 apiece. Shares of Kotak Mahindra Bank declined 3.09% to close at ₹1,713.40 on Thursday.

The base deal was for 28 million shares, representing 1.41% of total outstanding equity with a greenshoe option of 12 million equity shares, constituting 0.60% of the total equity base in the event of oversubscription. CPPIB held 126.3 million shares or a 6.47% stake in the bank as of December 31, 2021.