Thursday, 30 March 2017


The much-hyped board meeting of Kotak Mahindra Bank was held on March 30, 2017. The board has approved the proposal of capital raising through the issue of equity shares, global depository receipts, American depository receipts and/or other permissible securities up to an aggregate issuance of Rs 6.2 cr equity shares of Rs 5 each.

The capital raising is planned through the rights issue, public issue or private placement, including a Qualified Institutional Placement (QIPs) or through any other permissible mode. The capital raising plan is aimed at pursuing consolidation opportunities in the Indian banking and financial services space. It is also aimed at capitalising on unprecedented opportunities in acquisition and resolution of stressed assets in the banking sector, including participation in a ‘bad bank’.

The company would also focus on growth of subsidiaries by using the proceeds from the new capital raising plan. The stock is trading flat with some positive bias in the afternoon hours of Thursday.

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