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Mar 17, 2017 07:20 PM IST | Source: PTI

Kotak Bank seeks nod to raise foreign investment limit to 49%

Kotak Mahindra Bank today said it will seek shareholders' approval to raise foreign investment limit to up to 49 per cent from existing 42 percent.

Kotak Bank seeks nod to raise foreign investment limit to 49%

Kotak Mahindra Bank today said it will seek shareholders' approval to raise foreign investment limit to up to 49 per cent from existing 42 percent.

The board of directors' meeting held today granted consent to seek approval of shareholders to increase ceiling on total shareholding of FIIs/FPIs to up to 49 percent of the paid up capital, the bank said in a BSE filing.

Earlier this month, Kotak Mahindra Bank raised investment limit by foreign institutional investors (FIIs)/foreign portfolio investors (FPIs) to 42 percent from 40 percent previously.

Foreign investors are allowed to invest up to 74 percent in an Indian private sector bank through direct or portfolio investment.

As on December 31, 2016 promoter group held 33.61 percent in Kotak Mahindra Bank, according to the data available on BSE.

Rest was held by public shareholders including institutions, non-institutions and foreign portfolio investors.

Stock of Kotak Mahindra Bank closed 0.45 per cent down at Rs 848.05 on BSE.
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