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.

The Banking & Finance Post is an initiative of Elets Technomedia Pvt Ltd, existing since 2003.
Now, Elets' YouTube channel, a treasure of premier innovation-oriented knowledge-conferences and awards, is also active. To Subscribe Free, Click Here.

Get a chance to meet the Who's who of the NBFCs and Insurance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.