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Canada pension fund to sell 1.6% stake in Kotak Bank
June 09, 2023
Canada Pension Fund will likely sell a partial stake in private lender Kotak Mahindra Bank through block deals tomorrow, according to ET NOW.
The Fund will sell about 3.3 crore shares or a 1.6% stake in the bank at a price range of ₹1,792-1,886. The lower end of the floor price is about a 5% discount.
As of the March quarter, the Canada Pension Fund held a 4.6% stake in the bank.
Canada Pension Plan Investment Board operates as an investment management company. The fund offers pension management services, as well as provides investments such as private equity, real assets, and fixed income.
According to the latest shareholding pattern available with the exchanges, foreign investors own a significant stake of 36.7% in the bank. Among other public shareholders, LIC has about 6.21% stake and mutual funds own 10.99%.
During the March quarter, Kotak Mahindra Bank posted a 26% year-on-year (YoY) rise in its March quarter standalone net profit at ₹3,495.6 crore, while its net interest income (NII) jumped 35% YoY to ₹6,102.6 crore. In percentage terms, the net NPA ratio improved further to 0.37% of net advances as against 0.64% in the corresponding quarter of FY22.
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