OppenheimerFunds sells Kotak Mahindra Bank’s shares for Rs 2,035 cr

OppenheimerFunds sells Kotak Mahindra Bank’s shares for Rs 2,035 cr

Asset administration agency OppenheimerFunds on Thursday bought shares of personal sector lender Kotak Mahindra Bank for Rs 2,035 crore via an open market transaction.

US-based OppenheimerFunds is part of global funding agency Invesco.

According to the bulk deal data on the NSE, OppenheimerFunds via its affiliate — Oppenheimer Funds Inc A/C Oppenheimer Developing Markets Fund — bought a complete of 1,03,57,024 crore fairness shares representing a 0.52 per cent stake in Mumbai-based Kotak Mahindra Bank.

The shares had been disposed of at a mean worth of Rs 1,965.20 apiece, taking the transaction worth to Rs 2,035.36 crore.

Details of the patrons of Kotak Mahindra Bank’s shares couldn’t be ascertained on the trade.
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Shares of Kotak Mahindra Bank fell 0.41 per cent to shut at Rs 1,994.20 apiece on the NSE. In May this yr, Kotak Mahindra Bank reported a 14 per cent fall in standalone revenue to Rs 3,552 crore for the January-March quarter of 2024-25 in comparison with Rs 4,133 crore within the last quarter of 2023-24. The financial institution’s whole revenue elevated to Rs 16,712 crore within the quarter from Rs 15,285 crore within the same interval a yr in the past, Kotak Mahindra Bank said.

During the quarter, the financial institution earned curiosity revenue of Rs 13,530 crore as against Rs 12,307 crore within the same interval a yr in the past. Net Interest Income (NII) rose to Rs 7,284 crore, from Rs 6,909 crore in Q4FY24, registering a modest improve of 5 per cent, it added.

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