Kotak Bank shares fall over 1% on block deal; Canada Pension Fund likely seller

Kotak Mahindra Bank’s shares fell over 1% during Friday’s trading session, following a block deal in the counter. The Canada Pension Plan Investment Board was expected to sell 3.3 crore shares, amounting to a 1.6% stake in the private lender, at a price range of Rs 1,792-1,886 per share. The lower end of the floor price is approximately a 5% discount. Foreign investors own a significant stake of 36.7% in the bank, while mutual funds own 10.99% and LIC has about 6.21% stake among other public shareholders.