Kotak Mahindra Bank board hikes FII investment limit to 42 per cent

New Delhi: Private lender Kotak Mahindra Bank today said its board has approved raising the ceiling for investment by foreign institutional investors to 42 per cent.

"The board of directors of the bank has approved, subject to statutory and regulatory approvals as may be necessary, increase in ceiling limit for investment by FIIs/sub-accounts of FIIs, FPIs, QFIs, NRIs and PIOs in the equity share capital of the bank, from 40 per cent to 42 per cent," Kotak Mahindra Bank said in a BSE filing.  

The stock of Kotak Mahindra Bank was trading 0.86 per cent higher at Rs 824.35 on BSE.