The RBI had issued a directive that Kotak Mahindra Bank executive vice-chairman Uday Kotak would need to reduce his stake in the bank to 30% by June 2017 and 20% by December 2018. Photo: MintMumbai: Private sector lender Kotak Mahindra Bank on Friday raised over Rs5,800 crore through a qualified institutional placement (QIP) at Rs936 a share, people privy to development said. The Kotak Mahindra Bank counter saw keen interest by investors during trading on Friday and closed 1.76% at Rs953.30 a piece on the BSE, as against a 0.21% correction in the benchmark. The Reserve Bank of India (RBI) had issued a directive that Kotak Mahindra Bank executive vice-chairman Uday Kotak would need to reduce his stake in the bank to 30% by June 2017 and 20% by December 2018. Earlier in March, Kotak had sold 2.7 crore shares, reducing his stake in the bank to 31.8%, from 33.3%.

Source: Mint May 12, 2017 17:03 UTC