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

Truman Slate

Non-public sector financial institution Kotak Mahindra Lender on Wednesday informed inventory exchanges that the Reserve Lender of India (RBI) has provided its closing acceptance to the bank’s proposal on stake reduction in the lender and capping the promoters’ voting legal rights.

“Even further to our intimation dated 30th January 2020, make sure you be aware that the Reserve Lender of India has granted its closing acceptance vide its letter dated February eighteen, 2020 in the matter relating to dilution of promoters’ shareholding in the lender,” the lender stated.

In a letter dated January 29, the RBI experienced conveyed to the lender that its promoters would have to deliver down their shareholding to 26 for each cent of the paid out-up voting fairness share capital in six months of obtaining the closing acceptance from the central lender.

According to RBI principles, the lender was mandated to reduce promoter shareholding to 20

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