Shares of KFin Technologies slumped 4 percent in opening trade on March 12 after around 36 lakh shares, making up a 2.1 percent stake changed hands in a Rs 211-crore block deal.
At 09.23 am, shares of KFin Technologies were trading at Rs 607.05 on the NSE. The block deal also tipped off a spike in volumes in the counter as 44 lakh shares changed hands so far, significantly more than the one-month daily traded average of six lakh shares.
While Moneycontrol could not immediately identify the parties involved in the transaction, CNBC Awaaz had reported on March 11 that Kotak Mahindra was looking to unload a 2 percent stake in KFin Tech.
The deal was expected to earn Kotak Mahindra Bank Rs 218 crore at a floor price that offered a maximum of 5 percent discount compared to the previous closing price.
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The company's shareholding data at the end of the December quarter showed that Kotak Mahindra Bank owned a 9.8 percent stake in KFin Technologies, which has been now reduced to 7.7 percent.
The lender invested Rs 310 crore in KFin Technologies in September 2021.
The last big stake sale in KFin Technologies happened in December when promoter General Atlantic offloaded around 10 percent equity in the company for Rs 851 crore.
Also Read | Kotak Mahindra Bank likely to sell 2% stake in KFin Tech via block deals
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