Kotak may sell off stakes to Canadian Pension Fund; stocks surge
DSIJ Intelligence / 08 Mar 2017
Speculation is rife that the Bank is in talks with CPDQ for a sell off of over 3 per cent stakes worth Rs 5,400 crore as on March 7, 2017.
Amidst speculations of Kotak Mahindra Bank's stakes purchase by the Canadian Pension Fund, named Caisse de Depot et Placement du Quebec (CPDQ), the market saw an intraday 3 per cent surge in Kotak Mahindra's stock prices.
Speculation is rife that the Bank is in talks with CPDQ for a sell off of over 3 per cent stakes worth Rs 5,400 crore as on March 7, 2017; and the Bank had also approached the government, for a possible merger with the Axis Bank.
In the last one month, Kotak Mahindra has added 8 per cent to its stocks, while in the last 3 days the stocks touched a 52 week high at Rs 839.75.
The investors are speculating a further surge, while today its stocks are trading at Rs 833.15 on BSE with a hike of 1.94 per cent.
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