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.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Jayalalithaa’s indictment proves that powerful politicians are not above law

    A cat has nine lives, says a traditional proverb. And what about Jayalalithaa Jayaraman?

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Arun Kumar Jain

The true value of organisational vision

Albert Camus famously wrote: ‘Life is the sum of all ...

Kuruvilla Pandikattu SJ

Is virtual empathy becoming a reality?

Are we sophisticated machines? Can artificial intelligence overtake our natural ...

Gautam Gupta

French fashion icon Gaultier’s pret goodbye

With Gaultier gone, the world of international prêt will never ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture