India's richest banker Uday Kotak sold a part of his stake in Kotak Mahindra Bank to Canadian pension fund manager Caisse de Depot et Placement du Quebec (CPDQ) and Canada Pension Plan Investment Board on Wednesday.
The private lender's executive vice chairman and managing director sold 2.8 crore shares or 1.5 percent stake at Rs 817 apiece after the close of trade, according to data on the Bombay Stock Exchange. Kotak held 33.3 percent stake in the bank as of December 2016.
Caisse de Depot bought 1.84 crore shares and Canada Pension Plan Investment Board bought the remaining 0.92 crore shares in a block deal.
The sale will help Kotak comply with a Reserve Bank of India (RBI) directive asking him cut his ownership in the lender to 30 percent by the end of June. The banker was directed by the central bank to trim his stake to 20 percent by the end of 2018 and 15 percent by the end of March 2020, according to a February exchange filing.
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