CPPIB gets RBI nod to hike stake in Kotak Mahindra Bank
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Canada Pension Plan Investment Board (CPPIB) that manages pension fund assets has recieved the Reserve Bank of India’s approval to increase its stake beyond five per cent to 10 per cent in Kotak Mahindra Bank.
“Kotak Mahindra Bank has informed the exchange that RBI has informed the bank that it has granted approval to CPPIB for acquiring shares in excess of five per cent and below 10 of the paid up capital of the bank,” said the bank in a notice to the exchanges.
At the end of June 2016, CPPIB, the largest foreign portfolio investors, had 4.89 per cent stake in Kotak Mahindra Bank. Apart from CPPIB, the other FPIs include Capital World Growth and Income Fund, SmallCap World Fund inc, New World Fund Inc, National Westminister Bank PLC and Europacific Growth Fund.
CPPIB had also raised its stake in March by buying shares from Japan-based Sumitomo Mitsui Banking Corporation. At the end of December 2015, CPPIB had a shareholding of 3.91 per cent in the bank. Earlier, Kotak Mahindra Group had also tied up with CPPIB to launch a $525 million fund to invest in the stressed asset market in India.
CPPIB had also raised its stake in March by buying shares from Japan-based Sumitomo Mitsui Banking Corporation. At the end of December 2015, CPPIB had a shareholding of 3.91 per cent in the bank. Earlier, Kotak Mahindra Group had also tied up with CPPIB to launch a $525 million fund to invest in the stressed asset market in India.
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