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Friday, 31 March 2017

The board of Kotak Mahindra Bank, on Thursday, unanimously approved issue of equity shares, Global Depository Receipts, American Depository Receipts and other permissible securities, to raise capital, upto an aggregate issuance of 6.20 crore equity shares of Rs 5 each.

Kotak Mahindra Bank is aiming to achieve couple of targets simultaneously, pulling down promoter shareholding in accordance with the requirements put forth by RBI; and reserving funds for possible acquisition of either a bank or an NBFC, over the proposed issuance of upto 6.20 crore equity shares, aggregating to over Rs 5,000 crore. At Thursday’s closing price of Rs 865 a share, the issuance of 6.20 crore shares could fetch the bank Rs 5,363 crore.

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