Shares of Kotak Mahindra Bank gained over 2 percent to touch a 52-week high of Rs 1,739.95 in the early trade on Wednesday after the Reserve Bank of India (RBI) approved its promoter shareholding dilution plan.
At 9:23 am, shares were trading 1.35 percent higher at Rs 1,713.90 on the BSE.
In a regulatory filing on Wednesday, the Kotak Mahindra Bank said, "Further to our intimation dated January 30, 2020, please note that the Reserve Bank of India has granted its final approval vide its letter dated 18th February 2020 in the matter relating to dilution of promoters' shareholding in the Bank."
Kotak Mahindra Bank on January 30 had said that it decided to cap the promoters' voting rights to 15 percent from April 1 onwards. The RBI accepted promoters' voting rights to be capped at 20 percent till March.
After the final approval, the lender will have to bring down the promoters’ shareholding down to 26 percent within six months.
First Published: Feb 19, 2020 9:25 AM IST
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