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Uday Kotak sells 1.8 crore shares of Kotak Bank for Rs 1,687 crore

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.

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