The Reserve Bank of India today notified that M/s. Kotak Mahindra Bank Limited has passed resolutions at its Board of Directors' Meeting and a resolution in its Annual General Meeting agreeing for the purchase of its equity shares by Foreign institutional Investors (FIIs) up to 37% of their paid-up capital through primary/secondary markets in India. Reserve Bank's approval to the Kotak Mahindra Bank Ltd. for raising FII investment limit to 37% is subject to the condition that aggregate foreign investment in the bank should also not exceed the composite sectoral cap of 74% (49% under Automatic Route & beyond 49% to 74% under Government Route) as prescribed by the Government from time to time.

As the M/s. Kotak Mahindra Bank Ltd. has now passed the necessary resolutions in this regard, equity shares of the Kotak Mahindra Bank Ltd. can now be purchased through primary market and stock exchanges provided -

The purchase of equity shares by a single FII/SEBI approved sub-account of a registered FII in the Kotak Mahindra Bank Ltd. shall not exceed 10% (Ten percent ) of the paid-up equity capital of the bank. It may be ensured that the investments made are within the stipulated ceilings.

Ajit Prasad
Assistant General Manager

Press Release : 2013-2014/468