Mumbai, Sept. 9 -- 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 Rs.1,880, a discount of 4.1% to Kotak's closing price of Rs.1,960.40 apiece on the National Stock Exchange on Tuesday. The share sale is expected to help SMBC garner at least Rs.6,166 crore.

Read more: Mint Explainer | RBI's nod to Yes Bank-SMBC deal and what it tells us about India's banking future

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