Sumitomo Mitsui buys stake worth Rs 1,152 crore in Kotak Mahindra

The Japanese financial major bought 1.81 crore shares or 0.98% stake at an average price of Rs 636.25 per piece

Japanese multinational Sumitomo Mitsui Banking Corp on Tuesday acquired stake worth Rs 1,151.61 crore in Kotak Mahindra Bank through an open market transaction.

The Japanese financial major bought 1.81 crore shares, or 0.98% stake, in the Private sector lender bank for Rs 1,151.61 crore, according to block deal data available with BSE.

The shares were acquired at an average price of Rs 636.25 per piece.

The shares were purchased from Canada Pension Plan Investment Board. As of December 31, 2015, the board held 3.91% 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.

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%.