Asset management firm OppenheimerFunds on Thursday sold shares of private sector lender Kotak Mahindra Bank for Rs 2,035 crore through an open market transaction. US-based OppenheimerFunds is a part of global investment firm Invesco.
According to the bulk deal data on the NSE, OppenheimerFunds through its affiliate -- Oppenheimer Funds Inc A/C Oppenheimer Developing Markets Fund -- sold a total of 1,03,57,024 crore equity shares representing a 0.52% stake in Mumbai-based Kotak Mahindra Bank.
The shares were disposed of at an average price of Rs 1,965.20 apiece, taking the transaction value to Rs 2,035.36 crore.
Details of the buyers of Kotak Mahindra Bank's shares could not be ascertained on the exchange.
Shares of Kotak Mahindra Bank fell 0.41% to close at Rs 1,994.20 apiece on the NSE.
In May this year, Kotak Mahindra Bank reported a 14% fall in standalone profit to Rs 3,552 crore for the January-March quarter of 2024-25 compared to Rs 4,133 crore in the last quarter of 2023-24.
The bank's total income increased to Rs 16,712 crore in the quarter from Rs 15,285 crore in the same period a year ago, Kotak Mahindra Bank said.
During the quarter, the bank earned interest income of Rs 13,530 crore as against Rs 12,307 crore in the same period a year ago. Net Interest Income rose to Rs 7,284 crore, from Rs 6,909 crore in Q4FY24, registering a modest increase of 5%, it added.
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