Uday Kotak, the billionaire head of India's Kotak Mahindra Bank Ltd, sold a less than 1 percent stake in the lender in stock market transactions on Monday, complying with a Reserve Bank of India (RBI) order to cut his holding.
The RBI asked Kotak to lower his holding in the bank to 30 percent by end-June, 20 percent by end-December next year, and to 15 percent by March 31, 2020.
On Monday, Kotak sold 18 million shares in the lender for 16.87 billion rupees ($261 million), lowering his ownership of the bank to 29.79 percent, according to a regulatory filing.
In March, Kotak sold an about 1.5 percent stake in the bank to Canada's two largest pension funds - Canada Pension Plan Investment Board (CPPIB) and Caisse de deplete placement du Quebec (CDPQ).
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