Kotak Mahindra’s private equity group is raising about $300 million or about Rs 1,350 crore for an infrastructure fund. It has lined up Sumitomo Mitsui Banking Corporation and Brookfield Asset Management as cornerstone investors, and along with Kotak, will invest about $68 million as their contribution.
Anand Mahindra, vice-chairman and managing director of Kotak Mahindra Bank has told the bank that he does not wish to continue as the promoter of the bank. The board has also approved his request to cease as a promoter. He will continue to be on the board as a non-executive director. Normally, one would wonder why this happened. But in this case, Kotak Mahindra Bank has said that Mr Mahindra’s stake –3.68% including entities controlled by him- will now be reclassified as non-promoter holding.
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