Kotak Mahindra Bank’s promoter sells 3.24% stake

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.