Canada fund buys 50 lakh shares of Kotak Bank for Rs 357 cr

Written by Press Trust of India | Mumbai | Updated: Sep 17 2013, 04:42am hrs
Investment management firm Canada Pension Plan Investment Board (CPPIB) today acquired 50 lakh shares of private sector lender Kotak Mahindra Bank for a little over Rs 357 crore.

According to information available with the stock exchanges, CPPIB bought 50 lakh scrips, amounting to 0.65 per cent stake, of Kotak Mahindra Bank via the open market route.

The shares were purcahsed on an average price of Rs 714.99 valuing the transaction at Rs 357.5 crore, data showed.

However, the buyer(s) of the shares could not be ascertained immediately.

CPPIB invests the assets of the Canada Pension Plan not currently needed to pay pension, disability and survivor benefits.

As of June quarter, CPIB had a net assets of USD 189 billion.

Shares of Kotak Mahindra Bank today slipped by 0.64 per cent to close at Rs 709.75 apiece on the BSE.