The Private Bank’s shares closed in the red today and marked a price of Rs 1,872, witnessing a fall of around 1 percent compared to the previous closing price of Rs 1,886.50. It has a market capitalization of Rs 3.72 Lakh crores.
According to various reports and people familiar with the development, around 3.4 crore equity shares (1.7 percent of the total equity of the company) changed hands via Block Deals on the BSE.
The development gains traction after it came to notice that Canada Pension Fund plans to offload around 3 crore shares in the company, representing a 1.6 percent stake, for 750 million dollars on Friday. Presently, Canada Pension Fund holds a 4.34 percent stake in the private lending company.
The fund is estimated to offload its stake at a price band of Rs 1,792-1,886 per share, exhibiting a 5 percent discount as compared to the current stock prices prevailing in the markets. Kotak Securities Limited is the broker of the deal.
According to the latest financial results of the company, the Non-Performing Assets have reduced in the recent financial years with the net NPA reducing from 0.71 percent during FY21-22 to 0.41 percent in FY22-23.
Kotak Mahindra Bank, founded in 1985, is a commercial bank based in Mumbai, India. It provides debt as well as loan facilities to various middle-market companies. The company also provides stockbroking, life insurance, mutual funds, and many other services.
Written by Amit Madnani
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