Shares of India's Kotak Mahindra Bank Ltd up as much as 3 percent after Deutsche Bank upgrades the stock to "buy" from "hold" and increases the price target to 1,080 rupees from 770 rupees. High operating leverage in banking, broking and other sectors is driving strong earnings, while investments in its distribution network is resulting in sustained growth, Deutsche said in a note.

Ernst & Young has named Kotak Mahindra Bank Executive Vice-Chairman & Managing Director Uday Kotak its ‘world entrepreneur of the year’ for 2014. For the award, announced in Monaco on Saturday, Kotak was chosen from among 60 finalists from 51 countries, each of whom had been named EY ‘entrepreneur of the year’ in home country.

Mumbai: Uday Kotak, the founder, vice chairman and managing director of Kotak Mahindra Bank Ltd, on Friday reduced his stake in the lender to 40.3% from 43.58% to comply with a Reserve Bank of India (RBI) direction to do so, the bank said in an emailed statement.

The Reserve Bank of India has directed Kotak Mahindra Bank to reduce its promoter shareholding to 40 per cent by September 30 this year and then to 30 per cent by December 31, 2016, the private lender informed the stock exchanges.

At present, promoter shareholding is 43.58 per cent. In this, 40.09 per cent is owned by individuals and a Hindu Undivided Family; another 3.49 per cent is held by the promoter through corporate bodies.

Mumbai: Reserve Bank of India (RBI) has asked Kotak Mahindra Bank Ltd to cut its promoter holding to 40% by September 2014 from 43.58%, the private sector lender said in a notice to the stock exchange.

Promoter holding has to be further cut to 30% by 31 December, 2016, the bank said.

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