A spokesperson from Kotak Mahindra Bank informed that the bank aims to broad base the shareholding in a non-disruptive manner, keeping in mind the interests of all stakeholders.
This comes close on the heels of Reserve Bank of India (RBI) asking the promoters of Kotak Mahindra Bank to reduce their stake in the bank to 10 per cent from 45 per cent by 2016.
Promoter holding in Kotak Mahindra Bank was at 45.40 per cent as on December-end 2011 against 63 per cent in 2003, when it became a bank.
This regulatory directive is in keeping with the guidelines for entry of new private sector banks. The guidelines require promoters to bring down gradually their stake to 10 per cent.
Promoters of private sector banks such as Kotak Mahindra bank, YES Bank and Development Credit Bank have been getting regulatory exemptions every year to hold higher stakes.