State-run Canada Pension Fund will sell a 1.66 percent stake in Kotak Mahindra Bank, sources told CNBC TV-18. Canada Pension Fund holds 4.3 percent equity in Kotak Mahindra Bank. The fund’s 1.66 percent stake is valued at $754 million.
According to people familiar with the development, the fund is selling the shares at a price band of Rs 1,792- Rs 1,886 per share, which translates up to a 5 percent discount on the current market price (CMP).
“The offer price is up to 5 percent discount to CMP,” said sources.
Shares of Kotak Mahindra Bank ended at Rs 1,886.35, down by Rs 52.90, or 2.73 percent on the BSE on June 8.
Who is Canada Pension Fund?
The Canada Pension Plan Investment Board, also known as CPP Investments, is a Canadian government corporation that oversees and invests funds contributed to and held by the Canada Pension Plan (CPP).
CPP Investments is a professional investment management organisation, which manages the funds of more than 21 million contributors and beneficiaries.
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