On Wednesday, CNBC-TV18 reported, citing sources that told CNBC Awaaz, that one shareholder was set to offload 1.05 crore shares in Kotak Mahindra Bank.
The floor price was fixed at ₹1,955 per share, with the total deal value at ₹2,066 crore, accounting for around 0.5% of the lender’s equity, sources said. JP Morgan would be brokering the deal, sources added.Kotak Mahindra Bank reported its first quarter
net profit of ₹3,281,7 crore, missing Street estimates of 3,442 crore. This was also 57.5% below the previous year’s ₹6,250 crore.
The lender’s net interest income in the first quarter increased 6.1% to ₹7,249 crore in the June quarter from ₹6,842 crore from the previous fiscal. It was also near Street estimates of ₹7,293 crore.
Kotak Mahindra Bank’s gross non-performing assets increased to ₹6,637.7 crore in the quarter under review from ₹6,134 crore sequentially. It was at 1.48% in the first quarter compared to 1.42% in the previous one.
The lender’s net non-performing assets for the first quarter increased to ₹1,531 crore from ₹1,343 crore in the previous quarter. It was at 0.34% in the June quarter in comparison to 0.31% sequentially.
Shares of Kotak Mahindra Bank ended the previous session flat at ₹2,003.9 apiece. It has declined 6.8% in the past month but gained 12% this year, so far.
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