In compliance with promoter stake reduction requirement: Kotak Bank

Private sector lender Kotak Mahindra Bank on Monday said it had achieved compliance with the Reserve Bank of India (RBI) norms in respect of dilution of promoter Uday Kotak’s shareholding.

The bank was required to bring down the promoter’s shareholding to 26 per cent. “In relation to the matter of dilution of promoters’ shareholding in the bank, the bank has achieved compliance with the promoter shareholding reduction requirement set out in the RBI’s letters dated January 29, 2020, and February 18, 2020, on August 10, 2020, within the timeline prescribed by the RBI,” the bank said in a regulatory filing.