New Delhi, Mar 12 (PTI) Kotak Mahindra Bank on Tuesday divested 2 per cent stake in KFin Technologies for Rs 208 crore through an open market transaction.

After the stake sale, shares of KFin Technologies plunged 5.70 per cent to close at Rs 592.45 apiece on the BSE.

Also Read | Who Is Nayab Saini? All You Need To Know About BJP Leader Set To Be New Haryana CM.

According to the bulk deal data available with the BSE, Kotak Mahindra Bank sold 34,70,000 shares, amounting a 2.03 per cent stake in KFin Technologies.

The shares were offloaded at an average price of Rs 600.28 apiece, taking the transaction value to Rs 208.29 crore.

Also Read | CAA: List of Documents Required To Apply for Citizenship in India Under Citizenship Amendment Act.

After the latest transaction, Kotak Mahindra Bank's shareholding has declined to 7.77 per cent in KFin Technologies from 9.80 per cent stake (as of December 2023).

Details of the buyers could not be ascertained.

KFin Technologies serves the critical needs of asset managers with clients spanning mutual funds, AIFs (alternative investments funds), pension, wealth managers and corporates in India and abroad.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)