Canada Pension To Sell 1.7% Stake In Kotak Mahindra Bank
Canada Pension Plan Investment Board is looking to sell 1.7% stake in Kotak Mahindra Bank.
The asset management company seeks up to Rs 6,225 crore for the sale of its stake in the bank, according to the terms of the deal reviewed seen by BQ Prime.
It will offer 3.3 crore shares at a price band of Rs 1,792.18 to Rs 1,886.50 each. The range represents a discount of up to 5% from the Thursday's close
Kotak Securities is the bookrunner for the deal.
Canada Pension held 4.3% stake in Kotak Mahindra Bank as of March 31, according to the exchanges.
The Canada Pension Plan Investment Board is owned by the Canadian government and oversees and invests the funds contributed to and held by the Canada Pension Plan.
Kotak Mahindra Bank's January-March net profit rose beating estimates on higher core income and increased non-interest income.
The private lender's net profit for the quarter stood at Rs 3,495 crore, up 26.3% year-on-year. Analysts polled by Bloomberg had estimated a profit of Rs 2,898 crore.
Net interest income, or core income, for the bank rose 35% from a year ago and stood at Rs 6,103 crore. Other income too rose 28.2% year-on-year to Rs 2,186 crore.
Kotak Mahindra Bank shares closed 2.65% lower on Thursday compared with a nearly 0.5% decline in the benchmark Nifty 50.
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