Japanese multinational Sumitomo Mitsui Banking Corp today sold stake worth Rs 1,151.61 crore in Kotak Mahindra Bank through an open market transaction. The Japanese financial major sold (rpt) sold 1.81 crore shares, or 0.98 per cent stake, in Kotak Mahindra Bank for Rs 1,151.61 crore, according to block deal data available with BSE. The shares were sold (rpt) sold at an average price of Rs 636.25 per piece. The data also showed that Canada Pension Plan Investment Board bought the shares. As of December 31, 2015, the Board held 3.91 per cent stake in Kotak Mahindra. Sumitomo Mitsui Banking Corp is a part of the Sumitomo Mitsui Financial Group and operates the second largest bank in Japan. Private sector lender Kotak Mahindra Bank had posted a net profit of Rs 938.31 crore for the third quarter ended December 31. During the period, total income of the lender rose to Rs 6,950.41 crore. Shares of the bank today closed at Rs 637.75 on BSE, up by 1.19 per cent.