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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