RBI asks Kotak Mahindra to cut promoter stake to 15% by 2020

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New Delhi | Published: February 1, 2017 2:35:09 PM

Private sector Kotak Mahindra Bank today said the RBI has asked it to bring down its promoter shareholding by half to 15 per cent in a phased manner by March 31, 2020.

As per BSE data, promoter shareholding in Kotak Mahindra Bank as on December 31, 2016 stood at 33.61 per cent. (IE)As per BSE data, promoter shareholding in Kotak Mahindra Bank as on December 31, 2016 stood at 33.61 per cent. (IE)

Private sector Kotak Mahindra Bank today said the RBI has asked it to bring down its promoter shareholding by half to 15 per cent in a phased manner by March 31, 2020.

“The Bank has received a communication from the Reserve Bank of India to bring down its promoter shareholding to 30 per cent by June 30, 2017, 20 per cent by December 31, 2018 and 15 per cent by March 31, 2020,” Kotak Mahindra Bank said in a BSE filing.

As per BSE data, promoter shareholding in Kotak Mahindra Bank as on December 31, 2016 stood at 33.61 per cent.

Shares of Kotak Mahindra Bank were trading 1.10 per cent lower at Rs 764.05 on the BSE.

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