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CPPIB to sell 1.66% stake in India's Kotak Mahindra Bank -CNBC-TV18

Reuters
·1-min read
A man walks past the Kotak Mahindra Bank branch in New Delhi

BENGALURU (Reuters) - The Canada Pension Plan Investment Board (CPPIB) will sell a 1.66% stake, worth $754 million, in India's Kotak Mahindra Bank, CNBC-TV18 reported on Thursday, citing sources.

The Canadian pension fund held a 4.34% stake in the private lender as of March 31, as per Kotak's shareholding pattern.

The offer price is a discount of up to 5% compared with Kotak's stock's closing price of 1,886.50 rupees on Thursday, the report said.

The report did not say when the stake sale will happen.

Kotak and CPPIB did not immediately respond to Reuters' request for comment.

Kotak shares, which ended down 2.7% on Thursday, are up 3.2% so far this year.

(Reporting by Sethuraman NR and Biplob Kumar Das in Bengaluru; Editing by Savio D'Souza)