Thursday, 2 February 2017

Kotak Mahindra Bank cracks, post RBI's notice to cut promoter's stake

Kotak Mahindra Bank is not having a good day on the bourses and is currently trading in the red. The stock has taken a toll as RBI has asked its promoter to cut his stake in the bank by 15% by March 31, 2020 in a phased manner.

As on December 31, 2016 the promoter, Uday Kotak holds 33.30% stake, out of which he will have to cut his holdings to 30% by June 2018; to 20% till December 2018; and to 15% by March 2020. According to the RBI norms, the promoters should be holding only 15% stake.

Kotak Mahindra Bank Ltd is currently trading at Rs 772.05, down by Rs 3.55 or 0.46% from its previous closing of Rs 775.6 on the BSE Wednesday had cut its marginal cost-based loan rates by 15 bps.

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