Billionaire banker Uday Kotak to sell 2.8% stake in Kotak Mahindra Bank
Banker Uday Kotak to sell a 2.8% stake in Kotak Mahindra Bank for Rs 6800 crore. This move could bring the curtains down on a long between RBI & the bank on the issue wherein Kotak dragged the RBI to Bombay high court in December 2018. The case is pending. As of now, Kotak & his family hold a 28.8 % stake in the bank as against the RBI mandate of 26%. Kotak Mahindra Bank is the 4th largest private sector lender in India.