Kotak Mahindra Bank board hikes FII investment limit to 42%

New Delhi: Private lender Kotak Mahindra Bank on said its board has approved raising the ceiling for investment by foreign institutional investors to 42 percent.

"The board of directors of the bank has approved, subject to statutory and regulatory approvals as may be necessary, increase in ceiling limit for investment by FIIs/sub-accounts of FIIs, FPIs, QFIs, NRIs and PIOs in the equity share capital of the bank, from 40 percent to 42 percent," Kotak Mahindra Bank said in a BSE filing.

The stock of Kotak Mahindra Bank was trading 0.86 percent higher at Rs 824.35 on BSE.