RBI allows hike in FIIs stake in Kotak Mahindra Bank to 42%

Kotak Mahindra Bank’s board of directors passed a resolutions and a special resolution by a general body meeting to allow a higher foreign holding in the bank.

New Delhi: The Reserve Bank of India on Thursday permitted foreign institutional investors (FIIs or foreign portfolios investors (FPIs) to hike their exposure in Kotak Mahindra Bank to 42% from the earlier limit of 40%.

Uday Kotak (HT photo)

The higher investment was permitted under the Portfolio Investment Scheme (PIS) of the RBI.

Kotak Mahindra Bank’s board of directors passed a resolutions and a special resolution by a general body meeting to allow a higher foreign holding in the bank.

The Reserve Bank has notified this under FEMA 1999.