 "Kotak buys out Old Mutual's 26% stake for Rs 1,293 cr in insurance arm")
Private sector lender Kotak Mahindra Bank on Thursday said that the Reserve Bank of India (RBI) had given in-principle approval to its proposal on stake reduction in the bank and capping the promoters’ voting rights.
In a letter dated January 29, the RBI conveyed to the bank that the promoters would have to bring down their shareholding to 26 per cent of the paid-up voting equity share capital within six months of receiving the final approval from the central bank.
According to RBI rules, the bank was mandated to reduce promoter shareholding to 20 per cent by December 31, 2018,
