Billionaire banker and Kotak Mahindra Bank Managing Director Uday Kotak is all set to sell stake worth around Rs 6000 crore in the private sector lender to comply with a settlement agreement struck with the Reserve Bank of India (RBI) in January on promoter stake dilution, sources told Moneycontrol. The move will bring the curtains down on an extended standoff between the regulator and the bank over the reduction in promoter shareholding.
“The promoter stake sale will happen via a block, which is likely to be launched shortly. Kotak Mahindra Bank has already issued shares as part of the recent Rs 7,000 crore qualified institutional placement (QIP), so Kotak may not have to sell 4 percent stake to meet the 26 percent promoter stake requirement, which was the case earlier,” a person familiar with the stake sale plans said.
“This block deal should roughly see the sale of 2-3 percent stake,” said a second person.
On January 30, Kotak Mahindra Bank said RBI has agreed to its proposal to reduce promoter stake to 26 percent from the current 29.9 percent over the next six months. It also said promoter voting rights will be capped at 20 percent of the paid-up voting share capital until March 31 and will be further capped at 15 percent, effective April 1. Kotak Mahindra Bank had added that promoters will not purchase any further 'paid-up voting equity shares' of the bank till the promoter shareholding reaches 15 percent.
With this settlement agreement, the bank has decided to withdraw the writ petition filed in the High Court of Bombay after RBI struck down its proposal to issue perpetual non-convertible preference shares to comply with promoter shareholding norms. On February 18, RBI granted final approval to the settlement between both parties.
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