Mumbai-headquartered private sector entity Kotak Mahindra Bank was trading flat after block deals undertaken yesterday.
As per NSE block deal data, ING Mauritius Investments sold 1.27cr shares of the bank at an average price of Rs1,130 per share. Further, TFL Pension Fund bought 6.25 lakh shares, Government of Singapore bought 95.57 lakh shares, and Aberdeen Asset Management Asia bought 25.63 lakh shares, data showed.
Reportedly, a $900mn penalty payment is hitting ING’s financials in the December quarter. The company incidentally needs this cash to offset the outflow.
Kotak Mahindra Bank is currently trading at Rs1,153.65 down by Rs9 or 0.77% from its previous closing of Rs1,162.65 on the BSE.
The scrip opened at Rs1,168.10 and has touched a high and low of Rs1,173 and Rs1,153 respectively. So far 6,39,893 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs2,21,731.37cr.