Mid-sized banking player Kotak Mahindra Bank shares gained one percent in the morning trade on September 10, following a block deal as Japan's Sumitomo Mitsui likely exited its entire holding.
Kotak Mahindra Bank witnessed a large trade in the block deal window, with about 3.22 crore shares worth Rs 6,256 crore changing hands at Rs 1,941 per share. Around 1.62 percent of the total outstanding equity was traded in 31 blocks.
At 9.25 a.m., shares of Kotak Mahindra Bank were quoting Rs 1,978, higher by 0.9 percent on the NSE.
Moneycontrol could not immediately ascertain the buyers and sellers in the deal. However, reports had suggested that Sumitomo Mitsui was likely to offload its 1.65 percent stake as Sumitomo is looking to use the funds for Yes Bank deal.
Last month, Sumitomo received Reserve Bank of India approval to buy up to 24.99 percent of Yes Bank. The Reserve Bank of India has also decided that SMBC would not be treated as a "promoter" of Yes Bank following the deal, which would have involved additional regulatory requirements, Yes Bank said.
Earlier this month, competition regulator CCI also approved the Japanese bank's stake purchase in Yes Bank.
In May, the banks informed exchanges that SBMC had inked a deal to take a 20% stake in Yes Bank for nearly Rs 14,000 crore, making it the largest cross-border merger and acquisition deal in India's financial sector.
The Japanese lender had agreed to buy a 13.19 percent stake from State Bank of India and an aggregate 6.81% stake from Axis Bank , Bandhan Bank , Federal Bank, HDFC Bank , ICICI Bank , IDFC First Bank and Kotak Mahindra Bank.
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