The Reserve Bank of India today notified that Kotak Mahindra Bank Ltd., has passed resolutions at the board of directors' meeting and a resolution in its annual general meeting by the shareholders, to enhance the limit for purchase of its equity shares and convertible debentures by Foreign Institutional Investors (FIIs), through primary market and stock exchanges, under the Portfolio Investment Scheme up to 35 per cent of its paid up capital.

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 is further advised that the RBI's approval to the Kotak Mahindra Bank Ltd. for raising FII investment limit to 35% is subject to the condition that aggregate foreign investment in the bank should also not exceed the composite sectoral cap of 74% as prescribed by the Government from time to time.

Ajit Prasad
Assistant General Manager

Press Release : 2012-2013/626