Currently, Canada Pension Fund holds 4.3 percent equity in Kotak Mahindra Bank
With rates rising instead of falling and China’s economy maturing, the “great beta trade” of the past two decades won’t work as well, said CEO John Graham. “We believe it’s going to be an investors’ market going forward," Graham added.
This is the second sale by Canada Pension Fund in a week. Last week it sold 4 crore shares in Kotak Mahindra Bank.
The base deal size is 28 million shares, with an upsize of 12 million shares, taking the cumulative total to 40 million.
The move is aimed at lowering debt. The company's debt currently stands at more than Rs 22,000 crore.