Kotak Mahindra Bank announced that Kotak Trustee Company Pvt Ltd, a promoter group entity, has sold approximately 2.5 crore shares amounting to around 3.24 per cent shareholding in Kotak Mahindra Bank.
The Reserve Bank of India (RBI) had asked the bank to bring down its promoters' shareholding to 40 per cent by September 30, 2014. The present sale reduces the shareholding of the promoters to 40.33 per cent.
The bank’s stock was trading at Rs 865 at noon.