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Kotak Mahindra Bank has moved higher by nearly 2% at Rs 1,016, also its record high on BSE, after the private sector bank said its promoter sold 1.6 million shares of the bank to meet the Reserve Bank of India (RBI) guidelines to meet promoter shareholding norms.
“Kotak Trustee Company Private Limited, a promoter group entity of Kotak Mahindra Bank, has on August 21, 2014 sold 1.6 million shares of the bank,” Kotak Mahindra Bank said in a statement. The stake sale represents 0.21% total equity capital of the bank.
The shares sale has been undertaken pursuant to RBI’s requirement to reduce the promoter shareholding in the Bank as communicated on May 26, 2014, it added.
On May 27, 2014, Kotak Mahindra Bank said that the Bank has received a Communication from the RBI to bring down its promoter shareholding to 40% by September 30, 2014 per estimates provided by the Bank. The next estimate is 30% by December 31, 2016. As of June 30, 2014, the promoter held 40.33% stake in Kotak Mahindra Bank, the shareholding pattern data shows.
“Kotak Trustee Company Private Limited, a promoter group entity of Kotak Mahindra Bank, has on August 21, 2014 sold 1.6 million shares of the bank,” Kotak Mahindra Bank said in a statement. The stake sale represents 0.21% total equity capital of the bank.
The shares sale has been undertaken pursuant to RBI’s requirement to reduce the promoter shareholding in the Bank as communicated on May 26, 2014, it added.
On May 27, 2014, Kotak Mahindra Bank said that the Bank has received a Communication from the RBI to bring down its promoter shareholding to 40% by September 30, 2014 per estimates provided by the Bank. The next estimate is 30% by December 31, 2016. As of June 30, 2014, the promoter held 40.33% stake in Kotak Mahindra Bank, the shareholding pattern data shows.
