I assume this is an array formula.
This means that the minimum range is K4: K741, where the value in N4: N741 is equal to the value in N5.
Let's look at a smaller example. K4: N9 is shown below.
K L M N
----------
4 | 4 2
5 | 8 7
6 | 3 4
7 | 2 1
8 | 7 9
9 | 1 7
N5=N4:N9
5 9, N5 (value = 7), {False,True,False,False,False,True}
, IF(N5=N4:N9,K4:K9)
{False,8,False,False,False,1}
, True
K. MIN()
False
K ( 1 1 8).