To comply with RBI's directions, Vice Chairman and MD of @
The above sale trims the promoters holding to 40.33% from 43.85%. As per RBI's instruction the company had to reduce its promoters holding to 40% by September from 43.58% and further cut it to 30% by
With this CPPIB's stake gets hiked to 4.65% as the fund held 1.41% stake at the end of last fiscal and becomes the largest non promoter shareholder of the bank
The other non promoter shareholders include
The dilution of equity is in line with the RBI's policy that no promoter should hold more than 10%. This policy was meant to have a diversified ownership of the private lenders.
However recently, the PJ Nayak committee on governance in banks proposed that promoters be allowed to retain up to 25% equity stake in banks.
According to the Nayak committee, since a separate category of investors, namely, authorised banks investors, comprising all diversified funds discretionally managed, are proposed to have up to 20% stake, promoters should be allowed more.
Other lenders @
For the new banking industry entrants the regulator has the maximum promoter shareholding at 15%.
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