Kotak Bank promoter entity sells 0.21% stake
Source: IRIS | 21 Aug, 2014, 10.32AM
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 Kotak Mahindra Bank, one of the leading private sector lenders, said Thursday the bank's promoter group entity Kotak Trustee Company has sold 1.60 million shares (0.21% stake) of the bank on August 21.
 The promoters sold stake to comply with RBI's requirement to reduce the shareholding in the bank as communicated on May 26, 2014.
The RBI has asked the bank to reduce promoter shareholding to 40% by the end of September 2014.
As on Jun. 30, 2014, the promoter group shareholding was at 40.33%.
Shares of the company gained Rs 23.95, or 2.4%, to trade at Rs 1,020.95. The total volume of shares traded was 1,710,680 at the BSE (12.44 p.m., Thursday).
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