Kotak Mahindra Bank promoters get RBI nod to cap voting rights, pare stake

Promoters' voting rights would stand curtailed to 20% until March, and reduce further to 15% from April

Private sector lender Kotak Mahindra Bank on Wednesday informed stock exchanges that the Reserve Bank of India (RBI) has given its final approval to the bank’s proposal on stake reduction in the bank and capping the promoters’ voting rights. 

"Further to our intimation dated 30th January 2020, please note that the Reserve Bank of India has granted its final approval vide its letter dated February 18, 2020 in the matter relating to dilution of promoters' shareholding in the bank," the bank said. 

In a letter dated January 29, the RBI had conveyed to the bank that its promoters would have