CLSA picks 2.9% Kotak Bank stake

CLSA Merchant Bankers Ltd today bought about a 2.86 per cent stake in Kotak Mahindra Bank for around Rs 124.80 crore. It bought 32 lakh shares at Rs 390 per share from T Rowe Price International in a block deal on the Bombay Stock Exchange.

The Kotak Bank scrip ended the day down 0.82 per cent at Rs 381.80 against its previous close of Rs 384.95 on the BSE.

This is the second block deal at the bank's counter in less than 15 days. On June 2, Warburg Pincus International had picked up around 2 per cent stake in Kotak Bank from the market for Rs 90.5 crore.

It had bought 23,50,000 shares at Rs 385.04 per share in a block deal from T Rowe Price International.

The Indian promoter holding in the bank as on March 31, 2005 stood at 58.75 per cent; mutual funds and UTI hold 2.46 per cent and banks, financial institutions and insurance companies hold 0.01 per cent stake in the bank.

The bank announced a 12.04 per cent rise in net profit to Rs 23.07 crore for the quarter ended March 31, 2005, against Rs 20.59 crore in the corresponding quarter in the previous financial year.

Net profit for the full year rose by 7.83 per cent to Rs 84.89 crore, up from Rs 78.72 crore in the previous year.