Kotak Mahindra Bank said that Kotak Trustee Company Private Limited, a promoter group entity, has sold approximately 2.5 crore shares amounting to around 3.24 per cent shareholding in the bank.
The Bank had received a communication from the Reserve Bank of India (RBI) to bring down its promoter shareholding to 40 per cent by September 30, 2014 per estimates provided by the Bank.
“The present sale reduces the shareholding of the promoters to 40.33 per cent,” the bank said.
Paul Parambi, Head - Group Strategy, KMBL said, “The present sale by the promoters helps us substantially meet the RBI requirement for promoter dilution by September 30, 2014.”
Share of the Mumbai-based bank were trading at 867.30, up 0.85 per cent on the BSE at 1.50 pm.