Uday Kotak, vice chairman and managing director of Kotak Mahindra Bank, sold 1.8 crore shares for ₹1,687 crore in a bulk deal on Monday which enabled him to bring down his stake below 30%—just before the deadline set by Reserve Bank of India expires.
Before the deal, Mr. Kotak’s stake in the bank was 30.74% which came down to 29.79%, according to the Bombay Stock Exchange data.
The banking regulator had asked the fourth largest private sector lender to bring down promoter’s stake to 30% by June 30 and further to 20% by 31 December 2018 and to 15% by 31 March 2020.
