Kotak Mahindra Bank gains on plan to trim promoter shareholding to 40%

Kotak Mahindra Bank is currently trading at Rs 865.00, up by 1.55 points or 0.18% from its previous closing of Rs. 863.45 on the BSE. The scrip opened at Rs 862.00 and has touched a high and low of Rs 872.40 and Rs 850.60 respectively. So far 29373 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 924.00 and Rs 850.65 respectively. The current market cap of the company is Rs 66442.72 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 has been directed by the Reserve Bank of India (RBI) to bring down its promoter shareholding to 40% by September 30, 2014 per estimates provided by the bank. The next estimate is 30% by December 31, 2016. The current promoter shareholding in the bank is 43.58%. 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.