The Kotak Mahindra Bank board last week cleared a proposal to enable Warbug Pincus to raise its equity holding in the private bank. As per regulations the bank will have to approach the RBI for necessary approvals since further hike will take Warbugs stake in the bank beyond 5%. At present Warbug Pincus holds 4.9% in the bank and it would like to raise the stake to 9.9%. A single entity or a group of related entities can hold a maximum 10% in a private bank.
Sources said Warbug Pincus is likely to increase its holding by making market purchases. The Kotak Mahindra scrip is currently trading at Rs 425 on the stock exchange. Kotak Mahindra Bank reported a net profit of Rs 85 crore for FY05. The bank began operations in March 03. At present it has a network of 42 branches across 25 cities. The promoter group led by Uday Kotak holds 59% in Kotak Mahindra Bank. Of this Mr. Kotak holds a stake of about 50%. |
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| Posted : 8/2/2005 |
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