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Kotak Trustee Company Private Ltd, a promoter group entity of Kotak Mahindra Bank Ltd, sold 16 lakh shares of the bank on Thursday.
Promoters of the bank have been reducing their stake following the Reserve Bank of India's directive in May to reduce its promoter holding. The stake sale represents 0.21 per cent stake of total equity capital of the bank.
Kotak Bank, however, did not disclose the buyers name in a notification sent to the exchanges.
Shares of Kotak Mahindra Bank jumped to a life-time high of Rs 1,019.05 in early trade and is currently hovering around Rs 1,018 in a firm market.
The trust had offloaded 3.24 per cent (2.5 crore shares) stake in the bank to Canada Pension Plan Investment Board in May at Rs 880 a share. This reduced the promoter's stake in the bank to 40.33 per cent from 43.58 per cent.
On May 27, the RBI has directed Kotak Mahindra Bank to bring down its promoter shareholding to 40 per cent by September 30, 2014. The bank has to reduce its promoter stake to 30 per cent by December 31, 2016.
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