Japan’s Sumitomo Mitsui Financial Group has sold half of its 3.58% stake in Indian private sector lender Kotak Mahindra Bank for nearly $300m.

According to media reports, a large portion of the stake has been acquired by Canada Pension Plan Investment Board (CPPIB).

An existing investor, CPPIB acquired stake in Kotak Mahindra Bank from the bank’s vice chairman and founder Uday Kotak in 2014.

Following the latest sale, Sumitomo’s stake in the Indian lender will be diluted to about 1.8%.

In 2010, the Japanese firm had acquired a 4.5% stake in Kotak Mahindra Bank through a preferential allotment for $201.2m.