Sumitomo Mitsui offloads Rs 2,069 crore stake in Kotak Mahindra

Mumbai: Japanese multinational Sumitomo Mitsui Banking Corp (SMBC) Tuesday offloaded stake worth Rs 2,068.81 crore in Kotak Mahindra Bank through open market transactions.

SMBC reduced its stake by 1.78 percent in the Indian private sector lender. As of December 2015, SMBC held 3.58 percent stake in the Bank.

On BSE, the Japanese financial major sold 1.81 crore shares, or 0.98 percent stake for Rs 1,151.61 crore, while on NSE SMBC offloaded 1.47 crore shares or 0.80 percent stake in the Bank for Rs 917.20 crore.

The shares were sold at an average price of Rs 636.25 per piece on BSE and on NSE the stock was sold at Rs 623.95 per scrip.

Meanwhile, 1.81 crore shares were bought by CPP Investment Board of Canada, however, the buyers of rest of the shares could not be ascertained immediately.

At the end of 2015, the CPP Investment Board held 3.91 percent stake in Kotak Mahindra Bank.

Sumitomo Mitsui Banking Corp is a part of the Sumitomo Mitsui Financial Group and operates the second largest bank in Japan.

Private sector lender Kotak Mahindra Bank had posted a net profit of Rs 938.31 crore for the third quarter ended December 31. During the period, total income of the lender rose to Rs 6,950.41 crore.

Shares of the bank today closed at Rs 637.75 on BSE, up by 1.19 percent.