Kotak group holds near 23% in Hutch Max

Kotak Mahindra Bank has clarified that the holding of its subsidiaries through investment companies and group onwership in Hutchison Max Telecom (HMTL) amounts to around 22.97%.

According to a release issued by the bank to the BSE today, Kotak Mahindra Capital Company (KMCC) and Kotak Mahindra Securities (KMSL), which are both 75% subsidiaries of Kotak Bank, have economic interest in investment companies that holds shares in HMTL.

"KMCC and KMSL hold an effective economic interest of 4.67% in HMTL.  Hutchison Telecommunications International holds an effective economic interest of 13.86% in HMTL. Other Kotak group companies in which Kotak Bank has no interest hold an effective economic interest of 4.44% in HMTL," the release added.