Kotak Mahindra Shares Surge 3% After RBI Approves Stake Dilution Plan

Shares of Kotak Mahindra Bank rallies as much as 3% today after the Reserve Bank of India approved its stake dilution plan.

Kotak Mahindra Shares Surge 3% After RBI Approves Stake Dilution Plan

The stock is one of the active stocks on the NSE exchange. Earlier in January, the Uday Kotak led bank settled its dispute over promoter shareholding with the RBI.

In a regulatory, the bank on Wednesday said, "Further to our intimation dated January 30, 2020, please note that the Reserve Bank of India has granted its final approval vide its letter dated 18th February 2020 in the matter relating to dilution of promoters' shareholding in the Bank."

In the previous instance, gains in the stock came after the private banker decided to limit the promoters' voting rights to 15% from April 1, 2020.

Just after the final go-ahead, the bank will have to pare its promoter's shareholding in the bank to 26% within six months time.

Meanwhile, other private bank banks including IndusInd Bank have also gained in Wednesday's session. While Yes Bank has again lost in day's trade today by as much as 4%.

GoodReturns.in