Kotak Mahindra Bank on Tuesday divested 2 per cent stake in KFin Technologies for Rs 208 crore through an open market transaction.
After the stake sale, shares of KFin Technologies plunged 5.70 per cent to close at Rs 592.45 apiece on the BSE.
According to the bulk deal data available with the BSE, Kotak Mahindra Bank sold 34,70,000 shares, amounting a 2.03 per cent stake in KFin Technologies.
The shares were offloaded at an average price of Rs 600.28 apiece, taking the transaction value to Rs 208.29 crore.
After the latest transaction, Kotak Mahindra Bank's shareholding has declined to 7.77 per cent in KFin Technologies from 9.80 per cent stake (as of December 2023).
Details of the buyers could not be ascertained.
KFin Technologies serves the critical needs of asset managers with clients spanning mutual funds, AIFs (alternative investments funds), pension, wealth managers and corporates in India and abroad. PTI HG HG ANU ANU
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