Kotak Bank seeks to hike foreign holding to 55%

Kotak-MahindraKotak Mahindra Bank has approached the Foreign Investment Promotion Board (FIPB), seeking hike in foreign holding to 55 percent.

“The application for an approval to increase the aggregate ceiling on foreign investment to 55 per cent is currently under the consideration by the FIPB,” Kotak Bank said.

Foreign investors can acquire up to 49 per cent stake in Indian lenders through automatic route. To acquire more, the nod of FIPB, headed by the Economic Affairs Secretary in the Finance Ministry is required.

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