The Reserve Bank of India has advised the promoters of Kotak Mahindra Bank Ltd to cut their stake in the bank from 45.21 per cent to 20 per cent by March 31, 2018.
In a communication to the stock exchanges, the bank said that it will take a view on dilution over the next two years thereafter from 20 per cent to 10 per cent or such other percentage depending upon the prescription of promoters’ holding in the new bank guidelines.
According to latest shareholding data, apart from the promoters’ stake, FIIs (foreign institutional investors) hold 28.24 per cent, DIIs’ (domestic institutional investors) 4.66 per cent and others hold 21.78 per cent.