Kotak Trustee Company, a promoter group entity of Kotak Mahindra Bank, has sold 16 lakh shares of the bank as part of the proposal for the romoters of the bank to reduce their stake following the Reserve Bank of India’s directive in May to cut down promoter holding. The stake sale represents 0.21% stake of total equity capital of the bank. The trust had offloaded 3.24% (2.5 crore shares) stake in the bank to Canada Pension Plan Investment Board in May at Rs 880 a share. This reduced the promoter’s stake in the bank to 40.33% from 43.58%. The RBI directive to the bank is to bring down promoter shareholding to 40% by 30 September 2014. The bank has to reduce its promoter stake to 30% by 31 December 2016.
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