By -
May 27, 2014
Billionaire Uday Suresh Kotak was
ordered by India’s central bank to reduce his stake in Kotak
Mahindra (KMB) Bank Ltd. to 40 percent by the end of September from
his current holding of 43.58 percent.
Kotak, 55, will then have until the end of 2016 to cut his ownership in the Mumbai-based lender that he founded in 2003 to 30 percent, the company said in an exchange filing today.
Kotak Mahindra shares fell 0.6 percent to 855.670 rupees as of 9:25 a.m. in Mumbai, while the 12-company Bankex Index lost 0.9 percent. The stock climbed 18 percent this year, valuing Kotak’s current stake at about 287 billion rupees ($4.9 billion).
To contact the reporter on this story: Anto Antony in Mumbai at aantony1@bloomberg.net
To contact the editors responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net Darren Boey, Russell Ward
Kotak, 55, will then have until the end of 2016 to cut his ownership in the Mumbai-based lender that he founded in 2003 to 30 percent, the company said in an exchange filing today.
Kotak Mahindra shares fell 0.6 percent to 855.670 rupees as of 9:25 a.m. in Mumbai, while the 12-company Bankex Index lost 0.9 percent. The stock climbed 18 percent this year, valuing Kotak’s current stake at about 287 billion rupees ($4.9 billion).
To contact the reporter on this story: Anto Antony in Mumbai at aantony1@bloomberg.net
To contact the editors responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net Darren Boey, Russell Ward
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