Mumbai: Private sector lender Kotak Mahindra Bank could lean on its existing deep pocketed investors such as Canadian pension funds and Singapore's state investment arm for its proposed fundraising that aims to bolster the bank's balance sheet and bring down promoter shareholding, said two people aware of the development, speaking on condition of anonymity.
On Sunday, Mint reported that Kotak Mahindra Bank plans to sell shares worth almost ₹8,000 crore. Canada's top two pension funds Canada Pension Plan Investment Board (CPPIB) and Caisse de dépôt et placement du Québec (CDPQ) hold 6.03% and 1.15% respectively in the bank, while Singapore's GIC holds a 1.36% stake, according to the latest available shareholding pattern.