Kotak Mahindra Bank sells 2% stake in KFin Tech for Rs 208 crore

Kotak Mahindra Bank has sold a 2% stake in KFin Technologies through the open market for Rs 208 crore.

The private sector lender sold 3,470,000 shares of KFin Technologies at Rs 600.28 a share, bulk deals data on the BSE showed.

As of December end, Kotak Mahindra Bank held a 9.80% stake in KFin Technologies.

Stake sale triggered selling pressure in the stock, as KFin Technologies ended nearly 6% down on the BSE at Rs 592.45.

Kotak Mahindra Bank invested Rs 310 crore in KFin Technologies in September 2021.

For the December quarter, KFin Tech, the largest investor solutions provider to Indian mutual funds, reported a 25% on-year growth in consolidated net profit to Rs 67 crore, on the back of healthy topline and operating numbers.

Consolidated revenue rose 16.3% to Rs 219 crore, with domestic mutual fund investor solutions business, which makes for 69% to the topline, increasing 17% YoY to Rs 152 crore during the period.