The Reserve Bank of India on Tuesday approved the shareholding dilution plan of Kotak Mahindra Bank’s promoter.

In a filing with the stock exchange, the company said, “The RBI has granted its final approval in the matter relating to dilution of promoters’ shareholding in the banks.”

In late January, the bank told the RBI that “As per the plan, the promoters of voting rights in the bank will be capped to 20 percent of the paid-up voting equity share capital until March 21, 2020, and the same will be capped to 15% of paid-up voting equity capital from April 1, 2020,”

“The promoters shareholding in the bank will be reduced to 26% of PUVESC within the six months from the date of final approval of RBI, and will not have a right to purchase any further paid-up voting shares of the bank till the percentage of promoters shareholding reaches up to 15 percent of PUVESC of the bank or such higher percentage as may be permitted by the RBI from time to time,” the bank said.

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