Kotak Mahindra Bank Ltd.

Reserve Bank of India (RBI) has allowed Kotak Mahindra Bank to raise foreign institutional investment (FII) limit to 40% (revised from earlier limit of 37%). The bank has already passed a resolution at its Board of Directors' Meeting and a resolution in its Annual General Meeting agreeing for the purchase of its equity shares by FIIs/Foreign Portfolio Investors (FPIs)/Qualified Foreign Investors (QFIs) up to 40% of their paid-up capital through primary/secondary markets in India.

RBI's approval to the Kotak Mahindra Bank for raising FII investment limit to 40% is subject to the condition that aggregate foreign investment in the bank should also not exceed the composite sectoral cap of 7 % (49% under Automatic Route (including indirect foreign investment) and beyond 49% to 74% under Government Route) as prescribed by the Government. The purchase of equity shares by a single FII or approved sub-account of a registered FII in the bank shall not exceed 10% of its paid-up equity capital.

Kotak Mahindra Bank is engaged in commercial banking, stock broking, mutual funds, life insurance and investment banking. The bank has an international presence through its subsidiaries with offices in London, New York, Dubai, Mauritius, San Francisco and Singapore that specialize in providing services to overseas investors seeking to invest into India.