Kotak Bank ups FPI shareholding cap to 45%

NEW DELHI: Kotak Mahindra Bank has raised the shareholding limit of FPIs to 45 per cent, from the current 43 per cent.

The stock ruled flat after the move and closed 0.44 per cent down at Rs 1,235.75 on the BSE.

In a BSE filing on Tuesday, Kotak Mahindra Bank said its board of directors today approved increase in ceiling limit on the total shareholding of foreign institutional investors (FIIs)/foreign portfolio investors (FPIs) to 45 per cent with immediate effect.

This came after the Dutch financial services major ING Group sold its entire stake in the bank last Friday. ING Mauritius Investment held 3.06 per cent stake or 5.84 crore shares in Kotak Bank as of December 31, 2018.

The Dutch firm had also sold 1.3 crore shares of Kotak Bank in November through a bulk deal at an average price of Rs 1,130 per share.