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.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • FDI in insurance must be allowed with a rider to increase penetration

    The Union cabinet has cleared the proposal to raise foreign direct investment (FDI) in the insurance sector through the FIPB route from the current 26

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Varun Dutt

Which is safer? Flying or driving?

The recent tragedies involving the Taiwan’s TransAsia Airways flight, and ...

Parvez Imam

Revisiting history can do us all good

We often think that we understand history. We read it ...

Bubbles Sabharwal

Your happiness doesn’t depend on your needs

They are two different words (and even worlds) altogether: having ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture