Promoters sell about 3.24per cent equity stake in Kotak Mahindra Bank

Mumbai: Kotak Mahindra Bank Ltd (KMBL) announced in Mumbai that Kotak Trustee Company Private Limited, a promoter group entity, has sold approximately 2.5 crore shares amounting to around 3.24% shareholding in KMBL.

The Bank had received a communication from the Reserve Bank of India (RBI) to bring down its promoter shareholding to 40% by September 30, 2014 per estimates provided by the Bank. The present sale reduces the shareholding of the promoters to 40.33%.

Commenting on the development, Paul Parambi, Head - Group Strategy, KMBL said, “The present sale by the promoters helps us substantially meet the RBI requirement for promoter dilution by September 30, 2014.”