38.6c New Delhi, India, Monday, July 22, 2024
Business

2.8% Stake to be sold in Kotak Mahindra Bank by Uday Kotak

By Priyam Jain      02 June, 2020 08:00 PM      0 Comments
2.8% Stake to be sold in Kotak Mahindra Bank by Uday Kotak

Uday Kotak, the famous Billionaire Banker, who had a long run-in with the Reserve Bank of India over his excess personal holding in Kotak Mahindra Bank, is all about to sell a 2.8% stake in it for an estimated amount of Rs 6,800 crore. 

The curtains on a long standoff would come down between the regulator and the bank over the issue, which saw Kotak dragging the RBI to the Bombay High Court in December 2018, the case in the matter still pending. 

A person close to the development stated, The stake dilution will be done through a block deal and will be completed shortly at a price band of Rs 1,215 to Rs 1,240 a share.

According to the term sheet, the deal would value up to Rs 6,800 crores at the lower end of the price band. Currently, 28.8 percent stake in the bank is held by Kotak and his family members as against the RBI mandate of 26 percent.

The richest banker in Asia, Kotak, is the Managing Director of Kotak Mahindra Bank, which is the fourth largest private sector lender in the country. 



Share this article:



Leave a feedback about this
TRENDING NEWS


TOP STORIES

living-separately-for-15-years-marriage-dead-omar-abdullah-seeks-divorce-from-wife-in-sc
Trending Judiciary
'Living separately for 15 years, marriage dead,' Omar Abdullah seeks divorce from wife in SC

Omar Abdullah seeks SC intervention to dissolve his 30-year marriage with Payal Abdullah, citing 15 years of separation and a "dead" marriage.

16 July, 2024 10:46 AM
sc-notice-to-cbi-ed-on-manish-sisodia039;s-bail-plea-in-liquor-scam-case
Trending Judiciary
SC notice to CBI, ED on Manish Sisodia's bail plea in liquor scam case

SC issues notice to CBI, ED on Manish Sisodia's bail plea in liquor scam case. Hearing scheduled for July 29 by a newly constituted three-judge bench.

16 July, 2024 01:16 PM
state-govt-has-got-no-power-to-tinker-with-list-of-scheduled-castes-supreme-court
Trending Judiciary
State govt has got no power to tinker with list of Scheduled Castes: Supreme Court [Read Judgement]

The Supreme Court ruled that state governments lack the authority to modify the Scheduled Castes lists, a power reserved exclusively for Parliament under Article 341.

17 July, 2024 09:31 AM
sc-asks-telangana-govt-to-replace-judge-in-commission-of-inquiry-into-power-pact-by-previous-govt
Trending Judiciary
SC asks Telangana govt to replace judge in Commission of Inquiry into power pact by previous govt

SC directs Telangana govt to replace Justice L Narasimha Reddy in Commission of Inquiry probing former CM KCR's alleged power sector irregularities.

17 July, 2024 09:40 AM

ADVERTISEMENT


Join Group

Signup for Our Newsletter

Get Exclusive access to members only content by email