Uday Kotak had once moved before the Bombay High Court in December 2018 against RBI’s diktat on promoter holding in banks. Kotak Mahindra Bank Ltd.’s promoter Uday Kotak on Tuesday sold 56 million shares held by him in the bank for at least Rs.
6,800 crore through a block deal in an effort to reduce his stake in the bank to 26.1%, which is close to the promoter holding level allowed by the Reserve Bank of India.
The billionaire banker, who had a long-drawn disagreement with the central bank over his personal holding in the private lender, had once moved before the Bombay High Court in December 2018 against RBI’s diktat on promoter holding in banks.