Kotak Mahindra Mutual Fund Crosses 5% Holding in South Indian Bank Ltd.
Kotak Mahindra Mutual Fund (KMMF) has acquired equity shares of The South Indian Bank Limited (SIBL), surpassing the 5.00% threshold of the issued equity share capital of the bank. KMMF, which operates through its schemes, increased its stake after making acquisitions in the open market.The acquisition details reveal that Kotak Mahindra Mutual Fund is not affiliated with a promoter group within SIBL. The purchase resulted in the fund's total holding increasing from below 5% to over 5% of the bank’s equity share capital.
Key figures related to this significant acquisition are detailed as follows:
| Metric | Before Acquisition | After Acquisition |
|---|---|---|
| Acquirer Holding (Shares) | 120,361,168 | 135,055,500 |
| Acquirer Holding (%) | 4.5981% | 5.1595% |
The acquisition was conducted via the open market. Before the transaction, KMMF's stake stood at approximately 4.5981%. Following the acquisition, the fund’s holding stabilized at 5.1595%, crossing the requisite threshold. The total equity share capital of SIBL remained constant at 2,61,80,66,063 equity shares of Rs. 1 both before and after the transaction.
SOUTHBANK Stock Price Movement
Today, The South Indian Bank Limited stock slipped in post-market trading, shedding 1.17% to settle at ₹47.50 following the previous close of ₹48.The equity traded amidst heavy activity, with approximately 19.3 million shares moving after touching a day low of ₹46.75.
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