Kotak Mahindra Bank is trading lower by 1.5% at Rs 572 after the private sector bank said that the Reserve Bank of India (RBI) has advised the bank to bring down the promoter shareholding to 20% by March 31, 2018.
“The RBI has advised the bank that the promoter shareholding, currently at 45.21%, be brought down to 20% by March 31, 2018,” the bank said in a filing to the stock exchange.
The RBI has also indicated it will take a view on dilution over the next two years thereafter, from 20% to 10% or such other percentage depending upon the prescription of promoter holding in the new bank guidelines, it added.
“Of the 45.32% promoter stake 41.35% is directly held by Uday Kotak the bank's promoter the remaining shares are held by family members,” a BSE data shows.
The stock opened at Rs 585 and is currently trading at day’s low level. A combined 464,805 shares have changed hands on the counter so far, compared to an average of less than 800,000 share that were traded daily in past ten trading days on both the exchanges.
