Japan’s Sumitomo Mitsui to exit Kotak ahead of Yes Bank stake purchase

Mumbai: Japan’s Sumitomo Mitsui Banking Corp. (SMBC) plans to sell its stake in Kotak Mahindra Bank, likely to avoid any conflict of interest after getting the regulatory nod to buy nearly 25% in Yes Bank.The foreign lender will sell up to 3.28 crore shares or its entire 1.65% stake in Kotak Bank as of 30 June via a block deal, according to the term sheet accessed by Mint.The floor price for the share sale has been set at ₹1,880, a discount of 4.1% to Kotak’s closing price of ₹1,960.40 apiece on the Nationa ...