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Investor sells Kotak Bank stake

Abu Dhabi Investment Authority, one of the world’s biggest sovereign wealth funds, has offloaded over 48 lakh shares of Kotak Mahindra Bank for an estimated Rs 420 crore. According to information available with the stock exchanges, Abu Dhabi Investment Authority sold a total of 48,09,184 shares of the bank through open market route. The shares were sold on an average price of Rs 874.55 valuing the transaction at Rs 420.58 crore. Earlier, the bank had said that a promoter group entity has sold 3.24% stake to a Canadian pension fund for Rs 2,200 crore. The Canada Pension Plan Investment Board had picked up 2.5 crore shares or 3.24% stake at Rs 880 per share. The stake sale by Kotak Trustee Company had reduced the promoter shareholding to 40.33%, which is slightly above the 40% mark recommended by RBI to be achieved by September this year.

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