 "Uday Kotak, executive vice-chairman & managing director, Kotak Mahindra Bank. Photo: Kamlesh Pednekar")
Uday Kotak, head of Kotak Mahindra Bank, sold a less than one per cent stake in the lender in stock market transactions on Monday, complying with a Reserve Bank of India (RBI) order to cut his holding.
The RBI asked Kotak to lower his holding in the bank to 30 per cent by end-June, 20 per cent by end-December next year, and to 15 per cent by March 31, 2020. On Monday, Kotak sold 18 million shares in the lender for Rs 1,687 crore, lowering his ownership of the bank to 29.79 per cent, according to a regulatory filing.
In March, Kotak
