Promoter stake in Kotak Mahindra Bank goes below 20% from 30.03%

The bank issued one billion non-convertible perpetual non-cumulative preference shares of a face value of Rs 5 each to investors

Promoters of Kotak Mahindra Bank, led by MD & CEO Uday Kotak, reduced their stake in the private sector lender to 19.7 per cent after the bank issued preference shares worth Rs 5 billion to investors. Before the issue, promoters held 30.03 per cent in the bank.

The bank issued one billion non-convertible perpetual non-cumulative preference shares (PNCPS) of a face value of Rs 5 each to investors on Thursday. The PNCPS 2018 was issued to diversify funding sources to optimise a mix of liabilities by channelising funds from alternative sources, at different price points and for varying tenures, the