Money & Banking

In compliance with RBI norms on promoter stake reduction: Kotak Bank

Our Bureau. Mumbai | Updated on August 10, 2020 Published on August 10, 2020

Kotak Mahindra Bank, on Monday, said it is in compliance with the dilution in promoter shareholding set out by the Reserve Bank of India.

“The bank has achieved compliance with the promoter shareholding reduction requirement set out in the Reserve Bank of India’s letters dated January 29 and February 18 on August I0within the timeline prescribed by the RBI,” it said in a regulatory filing.

As part of the agreement with the RBI, the bank’s promoters – Uday Kotak and his family – had to lower their stake in the lender to 26 per cent in six months after final approval from the regulator.

In June this year, Uday Kotak, veteran banker and Managing Director and CEO of Kotak Mahindra Bank, through a block deal, sold 5.6 crore shares of the private sector bank.

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Published on August 10, 2020
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