Uday Kotak-led promoter group of Kotak Mahindra Bank Ltd has sold 3.24 per cent stake in the private lender for Rs 2,200 crore ($372 million) to reduce its holding in the firm. RBI had recently asked the bank to cut promoter holding to 40 per cent by September 2014 from the current 43.58 per cent.
The lender has also been asked to bring down the promoter holding further to 30 per cent by December 31, 2016.
Kotak Trustee Company Private Limited, a promoter group entity of Kotak Mahindra Bank Ltd, sold 2,49,84,782 shares through a bulk deal on BSE.
The shares were bought by the Canada Pension Plan Investment Board, which manages Canada’s national pension fund.
Two years ago RBI had asked Kotak Mahindra Bank, which converted itself from a non-banking finance company into a full-fledged bank in 2003, to reduce the promoter holding to 20 per cent by 2018 and 10 per cent by 2020.