Mega Share Splash: Inside the Kotak Mahindra Bank Stake Sale

Japan's SMBC offloaded its 1.62% stake in Kotak Mahindra Bank, amounting to over 3 crore shares worth Rs 6,256 crore, to prestigious investors including BlackRock and Goldman Sachs. Meanwhile, Yes Bank announced RBI's approval for new board structure, pending SMBC's acquisition of stakes from SBI and other banks.

In a significant transaction on Wednesday, Japan's SMBC offloaded its 1.62% stake in Kotak Mahindra Bank, offering over 3 crore shares valued at approximately Rs 6,256 crore. Prestigious investors such as BlackRock, Goldman Sachs, and Abu Dhabi Investment Authority were among the major buyers in the open market sale.

Entities like Citigroup Global Markets Mauritius, Bajaj Life Insurance, and others also took part in purchasing these shares. The deal price was pegged at Rs 1,940.80 per share, reducing SMBC's holding in Kotak from 1.65% to just 0.03%.

Meanwhile, Yes Bank revealed that the Reserve Bank of India has approved amendments in its Articles of Association for board changes. This comes as SMBC plans a significant secondary stake purchase, poised to buy 20% of Yes Bank, including portions from SBI, impacting future board allocations.

(With inputs from agencies.)