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Business News/ Markets / Stock Markets/  Bulk deal: Canada Pension Fund sells 1.7% in Kotak Mahindra Bank for 6,123 cr

Canada Pension Plan Investment Board on Friday offloaded around 1.7 per cent stake in private lender Kotak Mahindra Bank for 6,123 crore through an open market transaction.

According to bulk deal data on BSE, Canada Pension Plan Investment Board sold  33,000,000 shares at an average price of 1,855.64, taking the transaction value to 6,123.61 crore.

Post the latest transaction, Canada Pension Plan Investment Board shareholding has been reduced to 2.68 per cent from 4.34 per cent stake at the end of March.

Details about the buyers could not be ascertained. Last year in March, Canada Pension Plan Investment Board sold 4 crore shares of Kotak Mahindra Bank worth 6,800 crore.

Foreign investors have a stake of 36.7 per cent in the bank. Among other public shareholders, LIC has about 6.21 per cent stake, while mutual funds own 10.99 per cent, according to BSE.

Kotak Mahindra Bank saw healthy growth in March quarter (Q4FY23) net profit driven by expansion in net interest margin (NIM) and lower operating costs. Standalone net profit increased by 26% year-on-year (y-o-y) to around 3,500 crore.

The net interest income (NII) which is the difference between interest earned and expended, recorded 34.97% growth to 6,102.55 crore as against NII of 4,521.4 crore in Q4FY22. However, NII posted a single-digit growth of 7.95% from 5,652.92 crore in Q3FY23.

Provisions were broadly subdued sequentially to 147.57 crore in Q4FY23 versus 148.83 crore in the preceding quarter. Notably, in Q4FY22, the bank's provisions were negative for 306.21 crore.

Gross non-performing assets (GNPA) declined sharply to 1.78% in Q4FY23 versus 2.34% in Q4FY22 and 1.90% in Q3FY23.

Net NPA dipped to 0.37% in Q4FY23 as against 0.64% in Q4FY22 and 0.43% in Q3FY23.

On Friday, shares of Kotak Mahindra Bank fell 0.77 per cent to close at 1,871.90 per piece on the BSE.

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Updated: 09 Jun 2023, 07:56 PM IST
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