/ Uday Kotak Reduces Stake In Kotak Mahindra Bank By 30% ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Tuesday, 23 May 2017

Uday Kotak, promoter and managing director of Kotak Mahindra Bank has sold 1.80 crores of the bank shares in the open market enabling him to reduce his stake in the PSU to below 30%. Earlier the Reserve Bank of India had directed to do so.

Uday Kotak by selling the shares earned Rs 1687 crore, the BSE website showed. The sale has enabled to reduce his stake in the bank from 30.74% to 29.79% on Friday. On Monday morning, the trade was executed and the trade happened near Friday’s closing price of Rs 937.40 per share.

Earlier in the month, through a qualified institutional placement (QIP) had raised Rs 5803.20 crore by selling 6.2 crores to institutional investors. This selling had allowed Kotak to reduce his stake from 32.08% to 30.74%.

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