New Delhi: Kotak Mahindra Bank on Wednesday said that the RBI has approved reducing the promoter’s stake in the bank. “The RBI has given its approval to reduce the promoter’s stake in its letter,” the bank said in its information to the regulator on 19 February.
Kotak Mahindra Bank said on 30 January that it wanted to reduce the promoter’s voting rights to 15 per cent. He wants to implement it from 1 April. RBI has approved to reduce the voting rights of Kotak Mahindra Bank promoter to 20% by March.
The bank said that the RBI in principle has approved reducing the promoter’s stake to 26 per cent of paid-up voting equity shares.
Kotak Mahindra Bank, headed by Uday Kotak, said it has withdrawn its case filed in the Bombay High Court. Earlier RBI rejected the proposal to issue Perpetual Non-convertible Preference Shares.
