NIFTY 50

Uday Kotak trimming stake in Kotak Bank in sync with regulations, says former deputy governor of RBI

Updated : August 03, 2018 09:23:54 IST

Uday Kotak has trimmed his stake in Kotak Mahindra Bank to meet RBI regulations, from 30 percent, his stake is now down to 20 percent. However, the manner in which his stake has been reduced has raised a few eyebrows.

Kotak Mahindra Bank issued 100 crore non-convertible preference shares with a face value of Rs 5 each to raise Rs 500 crore. The move has expanded the number of shares by 52 percent and this effectively brings down the promoters stake from 30 percent to about 20 percent.
cnbc two logos
To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more
Live TV

recommended for you