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RBI agrees to Kotak Mahindra Bank's proposal on dilution of promoter equity

RBI agrees to Kotak Mahindra Bank's proposal on dilution of promoter equity

Thursday, January 30, 2020, 9:33 PM

In a surprise announcement, KMB said it will withdraw a case against the Reserve Bank of India after a climbdown from the central bank on promoter shareholding caps. Acting on suggestions from the private sector lender promoted by billionaire Uday Kotak, the RBI had agreed to cap the promoter shareholding at 26 per cent of the PUVESC, the bank told stock exchanges.
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