/ Kotak Mahindra Bank To Raise Rs 5662 Crore Via QIP, Stock Hits 52-Week High ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Friday, 12 May 2017

Kotak Mahindra Bank, a private sector lender, through the qualified institutional placement (QIP) is eyeing to raise around Rs 5662 crore.

As advised by the Reserve Bank of India, the share sale is part of stake reduction exercise by its promoter Uday Kotak also the vice-chairman of the bank, report a leading English daily.

“Shareholders of the bank have approved and declared the opening of (QIP) issue today (Thursday),” Kotak Mahindra Bank said in a regulatory filing on stock exchanges.

They also approved and took on record the floor price in respect of the issue and fixed this at Rs 913.24 per share of Rs 5 each, it said.

RBI had issued a directive that Kotak Mahindra Bank Executive Vice-Chairman Uday Kotak would need to reduce his stake in the bank to 30% by June 2017 and 20% by December 2018.

The stock on the BSE saw a uptrend to hit its fresh 52-week high of Rs 947 per share. The stock at 1050 is trading at Rs 941 per share higher by Rs 4 per share or 0.5%.

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