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

As per BSE data, promoter shareholding in Kotak Mahindra Bank as on 31 December 2016 was 33.61%

PTI
Published1 Feb 2017, 02:04 PM IST
Shares of Kotak Mahindra Bank were trading 1.10% lower at Rs764.05 on the BSE on Tuesday. Photo: Pradeep Gaur/Mint
Shares of Kotak Mahindra Bank were trading 1.10% lower at Rs764.05 on the BSE on Tuesday. Photo: Pradeep Gaur/Mint

New Delhi: Private sector Kotak Mahindra Bank on Wednesday said the Reserve Bank of India (RBI) has asked it to bring down its promoter shareholding by half to 15% in a phased manner by 31 March 2020.

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

ALSO READ: India’s bad bank plan would be a $60 billion mistake

As per BSE data, promoter shareholding in Kotak Mahindra Bank as on 31 December 2016 stood at 33.61%. Shares of Kotak Mahindra Bank were trading 1.10% lower at Rs764.05 on the BSE.

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.MoreLess
First Published:1 Feb 2017, 02:04 PM IST
HomeCompaniesRBI asks Kotak Mahindra to cut promoter stake to 15% by 2020

Get Instant Loan up to ₹10 Lakh!

  • Employment Type

    Most Active Stocks

    Tata Steel

    157.75
    03:43 PM | 19 JUL 2024
    -8.6 (-5.17%)

    Tata Power

    414.15
    03:59 PM | 19 JUL 2024
    -15.85 (-3.69%)

    Bharat Electronics

    306.30
    03:45 PM | 19 JUL 2024
    -7.2 (-2.3%)

    Zee Entertainment Enterprises

    137.55
    03:57 PM | 19 JUL 2024
    -4.9 (-3.44%)
    More Active Stocks

    Market Snapshot

    • Top Gainers
    • Top Losers
    • 52 Week High

    Tata Teleservices Maharashtra

    102.11
    03:59 PM | 19 JUL 2024
    4.68 (4.8%)

    Rail Vikas Nigam

    614.00
    03:59 PM | 19 JUL 2024
    27.65 (4.72%)

    Jubilant Pharmova

    752.25
    03:43 PM | 19 JUL 2024
    25.3 (3.48%)

    One 97 Communications

    458.70
    03:55 PM | 19 JUL 2024
    13.65 (3.07%)
    More from Top Gainers

    Recommended For You

      More Recommendations

      Gold Prices

      • 24K
      • 22K
      Bangalore
      74,925.00-1,347.00
      Chennai
      74,558.00-1,566.00
      Delhi
      75,144.00-389.00
      Kolkata
      74,558.00-531.00

      Fuel Price

      • Petrol
      • Diesel
      Bangalore
      102.86/L0.00
      Chennai
      100.75/L-0.01
      Kolkata
      104.95/L0.00
      New Delhi
      94.72/L0.00
      OPEN IN APP
      HomeMarketsCibilPremiumBudget