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

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.

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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.