SMBC Sells Kotak Mahindra Shares for Rs 6,256 Cr

New Delhi, Sep 10 (PTI) BlackRock, Goldman Sachs and Abu Dhabi Investment Authority are among the investors that picked more than 3 crore shares worth around Rs 6,256 crore of Kotak Mahindra Bank sold by Japan's SMBC through open market transactions on Wednesday.

Citigroup Global Markets Mauritius, Bajaj Life Insurance, Fidelity, UK-based Prudential, Norway's Government Pension Fund Global, HDFC Mutual Fund (MF), ICICI Prudential MF, Morgan Stanley, Nippon India MF, Nomura, Societe Generale, Tata AIG General Insurance, were the other entities that purchased shares of Kotak Mahindra Bank.

According to the block deal data available on the National Stock Exchange (NSE), Japan's Sumitomo Mitsui Banking Corporation sold more than 3.22 crore equity shares representing a 1.62 per cent stake in Mumbai-based private sector lender Kotak Mahindra Bank at a price of Rs 1,940.80 per share.

After the stake sale, SMBC's holding in Kotak Mahindra Bank has come down to 0.03 per cent from 1.65 per cent.

SMBC is a wholly-owned subsidiary of Sumitomo Mitsui Financial Group, Inc.

Shares of Kotak Mahindra Bank went up 0.64 per cent to close at Rs 1,972.90 apiece on the National Stock Exchange (NSE).

Meanwhile, Yes Bank informed stock exchanges that the RBI has approved proposed changes in the Articles of Association of the bank with regard to the appointment of nominee directors on the board.

The changes are in connection with nomination of two nominee directors by SMBC and one nominee director by SBI, on the board. The changes in the board would take effect after Japan-based SMBC acquires stakes of SBI and other seven banks in Yes Bank.

On May 9, Yes Bank had disclosed that SMBC planned to buy 20 per cent through a secondary stake purchase, including 13.19 per cent from State Bank of India (SBI) and 6.81 per cent from seven other lenders -- Axis Bank, Bandhan Bank, Federal Bank, HDFC Bank, ICICI Bank, IDFC First Bank, and Kotak Mahindra Bank.