Japan’s Sumitomo Mitsui Banking Corporation (SMBC) has sold its 1.62% stake in Kotak Mahindra Bank for Rs 6,256 crore, ahead of its stake purchase of 24.99% in Yes Bank.

The buyers of more than 3 crore shares sold by SMBC through open market transactions include BlackRock, Goldman Sachs and Abu Dhabi Investment Authority.

Citigroup Global Markets Mauritius, Bajaj Life Insurance, Fidelity, UK-based Prudential, Norway's Government Pension Fund Global, HDFC Mutual Fund (MF), ICICI Prudential MF, Morgan Stanley, Nippon India MF, Nomura, Societe Generale, Tata AIG General Insurance, were the other entities that purchased shares of Kotak Mahindra Bank.

According to the block deal data available on the National Stock Exchange (NSE), SMBC sold more than 3.22 crore equity shares representing a 1.62% stake in Mumbai-based private sector lender Kotak Mahindra Bank at a price of Rs 1,940.80 per share.

After the stake sale, SMBC's holding in Kotak Mahindra Bank has come down to 0.03% from 1.65%, news agency PTI reported.

SMBC is a wholly-owned subsidiary of Sumitomo Mitsui Financial Group, Inc.

Meanwhile, Yes Bank informed stock exchanges that the RBI has approved proposed changes in the Articles of Association of the bank with regard to the appointment of nominee directors on the board.

The changes are in connection with nomination of two nominee directors by SMBC and one nominee director by SBI, on the board. The changes in the board would take effect after Japan-based SMBC acquires stakes of SBI and other seven banks in Yes Bank.

On May 9, Yes Bank had disclosed that SMBC planned to buy 20% through a secondary stake purchase, including 13.19% from State Bank of India (SBI) and 6.81% from seven other lenders -- Axis Bank, Bandhan Bank, Federal Bank, HDFC Bank, ICICI Bank, IDFC First Bank and Kotak Mahindra Bank.