CPPIB sells 1.77% stake in Kotak Mahindra Bank; IEX shares slump 10%

Shares of Indian Energy Exchange (IEX) plunged more than 10% on Friday on fears that the implementation of 'market coupling' norms will make a dent into revenues

In the case of Vedanta, the promoter entities have pledged their entire stake to raise funds

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CPPIB sells 1.77% stake in Kotak Mahindra Bank

Canada Pension Plan Investment Board (CPPIB) on Friday sold 1.7 per cent stake in private sector lender Kotak Mahindra Bank. The pension major sold a total of 33 million shares at Rs 1,856 apiece to mop up Rs 6,123.6 crore, stock exchange data showed. The names of the buyers weren’t disclosed by the exchange. Shares of Kotak Mahindra Bank closed at Rs 1,872, down 0.8 per cent. In March 2022, CPPIB had sold 2.02 per cent stake in the bank at Rs 1,699 per share. Prior to the latest share sale, the investment major had a 4.34 per cent stake in the bank.
Disclosure: Entities controlled by the Kotak family have a significant holding in Business Standard Pvt Ltd

IEX shares slump 10% ahead of market-coupling norms 
Shares of Indian Energy Exchange (IEX) plunged more than 10 per cent on Friday on fears that the implementation of ‘market coupling’ norms will make a dent into revenues. The Ministry of Power’s Central Electricity Regulatory Commission (CERC) is to undertake the process of market coupling which would entail an independent third-party collating bid to derive a uniform market price across all exchanges. Analysts say that the move is a big negative for IEX as it will take away its moat of being the go-to platform for price determination. Domestic brokerage downgraded the stock to ‘sell’ with a price target of Rs 105. Shares of IEX closed at Rs 127.

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First Published: Jun 9 2023 | 11:21 PM IST

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