Canada Pension Plan sells Rs 6,800 crore worth shares of Kotak Mahindra Bank

Canada Pension Plan and Investment Board (CPPIB) on Thursday sold four crore shares of Kotak Mahindra Bank worth around Rs 6,800 crore through an open market transaction.

According to bulk deal data on BSE, the investment board sold the shares at an average price of Rs 1,700.10 apiece. The deal is valued at about Rs 6,800 crore.

CPPIB, a public shareholder in the company, had 6.37 per cent stake at the end of December 2021.

Separately, the regents of the University of California bought 1.1 crore shares of the company at Rs 1,699.05 apiece, valuing the deal at about Rs 1,908 crore.

On BSE, shares of Kotak Mahindra Bank declined 3.09 per cent to end at Rs 1,713.40