Promoter lowers stake in Kotak Bank on RBI fiat

Tags: News
Uday Suresh Kotak, promoter of Kotak Mahindra Bank, on Friday pared his stake in the bank to 40.33 per cent from 43.58 per cent in line with the Reserve Bank of India’s (RBI) instructions.

The bank sold 3.24 per cent stake to Canada Pension Plan Investment Board, which manages Canada’s national pension fund in stock market transactions. According Reuters, the sale happened in three block deals at an average price of Rs 880 a share on the Bombay Stock Exchange.

Shares of the bank closed at Rs 867.55 on the Bombay Stock Exchange on Friday, up 0.8 per cent from previous close. Canada Pension Plan now owns 1.4 per cent stake in the bank.

“Kotak Trustee Company, a promoter group entity of Kotak Bank, has sold approximately 2.5 crore shares, amounting to around 3.24 per cent shareholding, in Kotak Mahindra Bank. RBI had asked the bank’s promoters to bring down their shareholding in the bank to 40 per cent by September,” the bank said in a press statement. Earlier this week, RBI asked Kotak Bank to cut promoter shareholding to 40 per cent by September 30 from 43.58 per cent.

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