Abu Dhabi Investment Auth sells Rs 420cr Kotak Bank shares

Abu Dhabi Investment Authority (ADIA), one of the world's biggest sovereign wealth funds, today offloaded over 48 lakh shares of Kotak Mahindra Bank for an estimated Rs 420 crore.

According to information available with the stock exchanges, Abu Dhabi Investment Authority sold a total of 48,09,184 shares of the bank through open market route.

The shares were offloaded on an average price of Rs 874.55 valuing the transaction at Rs 420.58 crore.

However, the buyer (s) of the shares could not be ascertained immediately.

On May 30, the private sector lender Kotak Mahindra Bank had said that a promoter group entity has sold 3.24 per cent stake to a Canadian pension fund for Rs 2,200 crore.

The Canada Pension Plan Investment Board had picked up 2.5 crore shares or 3.24 per cent stake at Rs 880 per share.

The stake sale by Kotak Trustee Company had reduced the promoter shareholding to 40.33 per cent, which is slightly above the 40 per cent mark recommended by RBI to be achieved by September this year.

Shares of Kotak Mahindra Bank today fell by 1.22 per cent to close at Rs 873.65 apiece on the BSE.

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