Last year, RBI ordered Uday Kotak to cut his ownership in Kotak Mahindra Bank in phases, to below 20% by 2018 and to 15% by 31 March 2020
Mumbai: A rebuff from the regulator may set Asia’s richest banker Uday Kotak on a $17 billion acquisition trail, as he seeks to meet a year-end deadline to reduce his stake in Kotak Mahindra Bank Ltd. below 20 percent. Buying another financial firm may be the most palatable way for Kotak to pare his holding, following the Reserve Bank of India’s rejection earlier this month of a preference share sale proposal. If the bank issues about ₹ 1.2 trillion ($17 billion) of new stock to back an acquisition, that would effectively dilute the billionaire’s holding below the 20 percent target.
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