Uday Kotak, head of Kotak Mahindra Bank, has sold 1.80 crore shares of the bank for Rs 1,687 crore, lowering his ownership in the bank to 29.79%. The shares were sold at Rs 937.35 a piece on the Bombay Stock Exchange (BSE). This step has been taken with a view of complying with Reserve Bank of India (RBI) order to cut promoter holding.
Kotak Mahindra Bank offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiaries in the areas of personal finance, investment banking, life insurance, and wealth management.
