Uday Kotak to offload 2.8% in Kotak Bank

Kotak Mahindra Bank promoter Uday Kotak is slated to sell 2.8 per cent of his stake in the bank on Tuesday to bring down his holding to 26.1 per cent, from 28.94 per cent currently.

According to the terms of the deal seen by Bloomberg, Kotak is expected to sell 56 million shares in a block deal via secondary placement in a price range of Rs 1,215-1,240. The deal is being roughly valued at Rs 6,804-6,944 crore.

The Reserve Bank of India (RBI) and Kotak Mahindra Bank had reached an agreement in February this year under which the central bank gave six