Kotak Mahindra Bank gains as its promoter sells 3.24% stake

Kotak Mahindra Bank is currently trading at Rs 866.90, up by 6.95 points or 0.81% from its previous closing of Rs 859.95 on the BSE. The scrip opened at Rs 861.00 and has touched a high and low of Rs 880.00 and Rs 843.90 respectively. So far 25101217 shares were traded on the counter. The BSE group 'A' stock of face value Rs 5 has touched a 52 week high of Rs 950.00 on 16-May-2014 and a 52 week low of Rs 588.00 on 28-Aug-2013. Last one week high and low of the scrip stood at Rs 899.00 and Rs 850.60 respectively. The current market cap of the company is Rs. 67059.00 crore. The promoters holding in the company stood at 43.58%, while Institutions and Non-Institutions held 33.53% and 22.73% respectively. Kotak Mahindra Bank’s promoter group entity Kotak Trustee Company has sold around 2.5 crore shares amounting to around 3.24 per cent shareholding. Post stake sale, the promoters’ stake in the company has reduced to 40.33 per cent. The Reserve Bank of India (RBI) had asked the bank to bring down its promoters’ shareholding to 40 per cent by September 30, 2014. Kotak Mahindra Finance is the first non-banking finance company in India to convert itself in to a bank as Kotak Mahindra Bank. Today, the bank is one of the fastest growing bank and among the most admired financial institutions in India.