According to some watchers, acquiring a bank can help Uday Kotak reduce the promoter stake in KMB, and help him get closer to the levels mandated by the RBI.
The regulator has been dragged to the court by KMB for not accepting an earlier attempt at stake dilution and the same petition is slated to be heard early next year.
Meanwhile, speaking at the same event, Kotak said there is a need to resist a "colonialisation" of Indian finance, hinting at share sales to foreign investors.
"I'm looking forward to best in class quality but strong Indian-owned and controlled financial sector and while we must attract foreign capital, we must ensure that there is no colonialisation of Indian finance," Kotak said.
Yes Bank had to cut its book size by 7 per cent in the September quarter because of the capital constraints and has been looking to finish the capital raising exercise at the earliest.
The lender had first announced it has interest from investors of USD 3 billion, and a few days later disclosed offers of USD 2 billion. It wanted to finalise the same at the last board meet on December 10 but was not able to take a decision.
Yes Bank's share price plummeted to ₹32 apiece in October as against a high of ₹400 just a year ago and has been one of the most volatile scrips on the bourses
This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.
Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Never miss a story! Stay connected and informed with Mint.
our App Now!!