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Private sector lender Kotak Mahindra Bank on Thursday said the Reserve Bank of India has in principle accepted promoters’ voting rights in the bank capped at 20 per cent of paid-up voting equity share capital (PUVESC) until March 31, 2020. It further said the promoters’ voting rights in the bank will be capped at 15 per cent of PUVESC from April 1, 2020 onwards.
RBI asked the bank promoters to reduce their shareholding in the bank to 26 per cent PUVESC within six months from the date of final approval of RBI.
“Thereafter, the promoters will not purchase any further paidup voting equity shares of the bank till the percentage of promoters’ shareholding reaches 15 per cent of PUVESC or such higher percentage as may be permitted by RBI from time to time,” Kotak Mahindra Bank said in a release.
The bank is also withdrawing its writ petition from Bombay High Court. The promoters held 29.96 per cent stake in the bank as of December 31 last year.
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