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Uday Kotak reduces stake in bank

Uday Kotak, promoter and MD of Kotak Mahindra Bank, has sold 1.80 crore of the bank shares in the open market enabling him to reduce his stake in the bank to below 30% and comply with the Reserve Bank of India direction to do so. He earned Rs 1,687 crore by selling these shares at Rs 937.35 apiece. His personal stake in the bank now stands at 29.79% down from 30.74%. According to reports, the shares were sold to a diverse range of domestic and foreign investors primarily with an aim of helping Kotak comply with the RBI direction. Earlier, the bank had raised Rs 5803.20 crore by selling 6.2 crore shares to institutional investors through a qualified institutional placement (QIP) which had allowed Kotak to reduce his stake to 30.74% from 32.08%.

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