Anand Mahindra ends promoter's role in Kotak Mahindra Bank

03 June 2009

Anand Mahindra has ceased to be a promoter of Kotak Mahindra Bank but will continue as a non-executive director, the private sector lender said in a filing with the Bombay Stock Exchange today.

The board of Kotak Mahindra has already approved the exit of Mahindra as a promoter following a request from him, the filing said.

Mahindra along with his family members held a 3.68-per cent stake in Kotak Mahindra Bank and the holding would now come under public shareholding, the bank said.

"With Mahindra ceasing to be a promoter of the bank, the promoter shareholding of the bank now stands reduced to less than 49 per cent in compliance with the licence condition stipulated by the RBI," it added.

As of March quarter, the promoters held a 52.39 per cent stake in Kotak Mahindra Bank.

Uday Kotak is executive vice chairman and managing director of the bank and its principal founder and promoter.