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Jul 12, 2012, 08.23 AM IST
Uday Kotak-led Kotak Mahindra Bank has been asked by the Reserve Bank of India to more than halve its promoter's holding to 20% by FY18 end, from the present 45.21%.
"The RBI has advised the bank that the promoter's shareholding, currently at 45.21%, be brought down to 20% by March 31, 2018," a bank spokesperson said in a statement here.
Additionally, the RBI has also indicated that it will take a view on further dilution to 10% over two years after that date, it said.
The city-headquartered private sector lender will also have to comply with any new prescription on promoter's holding slated to come up in the new bank guidelines, the statement said.
Reacting to the development, the Kotak Bank scrip shed 1.26% to close at Rs 572.40 a piece on the BSE, whose 30-share Sensex gained 0.36%.
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