SBI Mutual Fund Boosts Stake in Kotak Mahindra Bank

SBI Mutual Fund has increased its stake in Kotak Mahindra Bank to more than 5%. The fund house acquired 21.57 lakh shares through open market transactions on June 5. As a result, the stake now stands at 5.01%. Shares of Kotak Mahindra Bank traded 1.35% lower on the BSE.

SBI Mutual Fund has increased its stake in Kotak Mahindra Bank to more than 5%, according to a regulatory filing. On June 5, the fund house acquired 21.57 lakh shares through open market transactions.

Consequently, SBI Mutual Fund's stake in the bank now totals 5.01%. Despite this acquisition, shares of Kotak Mahindra Bank were trading 1.35% lower at Rs 1,722 per share on the BSE.

This move marks a strategic investment by SBI Mutual Fund in one of India's leading private sector banks.