Uday Kotak Sells Rs 1,687 Crore Stake In Kotak Mahindra Bank
Mumbai: Uday Kotak, the billionaire head of India's Kotak Mahindra Bank Ltd, sold a less than 1 percent stake in the lender in stock market transactions on Monday, complying with a central bank order to cut his holding.
The Reserve Bank of India asked Kotak to lower his holding in the bank to 30 percent by end-June, 20 percent by end-December next year, and to 15 percent by March 31, 2020.
On Monday, Kotak sold 18 million shares in the lender for Rs 1,687 crore ($261 million), lowering his ownership of the bank to 29.79 percent, according to a regulatory filing.
In March, Kotak sold an about 1.5 percent stake in the bank to Canada's two largest pension funds - Canada Pension Plan Investment Board (CPPIB) and Caisse de depot et placement du Quebec (CDPQ).
Earlier this month, the bank raised about $900 million by selling new shares to funds, diluting Kotak's holding further.
Ahead of the deal on Monday, Kotak owned 30.74 percent of the lender.
Shares in Kotak Mahindra Bank, which has the third-highest market capitalisation among India's banks, closed 0.4 percent higher at Rs 941.25 on Monday.
($1 = Rs 64.5450)
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
-
One El Nino, India Can Handle. Two Could Break The Granary
India's grain stocks can absorb one bad year, but a second El Nino could drain the buffer in two to three years, economists say.
-
India's Troika Of Good Luck | Joining The Dots
As Jensen Huang's exit drags Nvidia down, a cooling AI trade and resilient earnings have revived investor interest in India. A likely RBI rate hike looms.
-
Talking Points This Week: Leadership Shock At Nvidia, Earnings Strength, And The Fog Over Hormuz
The Anthropic IPO pricing and first trading day, Nvidia's upcoming earnings, and any fresh signals from Iran will set the tone for the following week.
-
Signature Play: The Classic Cocktail Is Dead. Or Is It?
Classic cocktails are disappearing from India's cocktail menus. But they're still being ordered, taught to bartenders and borrowed from. So, who's really having the last drink?
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
