Canada Pension Plan Investment Board (CPPIB) sold 3.3 crore shares or 1.7 per cent of the equity of Kotak Mahindra Bank in block deals on the BSE on Friday at an average price of ₹1855.64, exchange data showed. The total deal value was ₹6,123.6 crore.

The sale of shares by the pension fund was done in two block deals in early-morning trades. About 2.2 crore shares were sold at ₹1,855 each, while another block of 1.09 crore shares were traded at ₹1,864.15. The buyer could not be ascertained.

Shares of Kotak Bank ended 0.8 per cent lower on the NSE at ₹1,872.

Also read:Kotak Bank posts net profit of ₹3,496 crore for Q4 FY23, up by 26% y-o-y

CPPIB has been a long-term investor in the bank and raised its stake from 4.9 per cent at the end of March 31, 2016, to 6.26 per cent at the end of March 31, 2018. At the end of March 2021, its stake in the bank was 6.37 per cent but over the last couple of years has pared it down to 4.34 per cent at the end of March this year. The current stake-sale will bring down the fund’s holding to below 3 per cent.

Over the last couple of years, Kotak Bank’s shares have fallen 5.2 per cent, while the benchmark Nifty has appreciated over 26 per cent.