Kotak cuts â¹1600cr stake in Kotak Mahindra Bank on RBI order
Uday Kotak, the billionaire head of Kotak Mahindra Bank, sold a less than 1% stake worth $261 million (over â¹1,600 crore) in the lender on Monday, complying with an RBI order to cut his holding. The RBI asked Kotak to lower his holding in the bank to 30% by June-end, 20% by December-end 2018, and to 15% by March 2020.