Money & Banking

Reserve Bank gives final approval to Kotak Bank to lower promoter stake

Our Bureau Mumbai | Updated on February 19, 2020

The Reserve Bank of India has given the final go ahead to Kotak Mahindra Bank to lower promoter stake.

“The RBI has granted its final approval vide letter dated February 18 in the matter relating to dilution of promoters’ shareholding in the bank,” the private sector lender said in a regulatory filing on Wednesday.

The bank had, on January 20, announced that the RBI had given its in-principle approval to a fresh proposal for lowering promoter stake to 26 per cent in the next six months and capping the promoters’ voting rights in the bank at 20 per cent of the paid-up voting equity share capital until March 31.

Published on February 19, 2020

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