- The company was incorporated on 21st November 1985 under the name
Kotak Capital Management Finance Ltd. The Company has been promoted by
Mr Uday S Kotak, Mr S.A.A Pinto and Kotak & Company. The company
obtained the certificate of commencement of business on 11th February
1986 and the Existing promoters were joined by Mr Harish Mahindra and
Mr Anand Mahindra. The company's name was changed on 8th April 1986 to
its present name Kotak Mahindra Finance Ltd.
- The Company deals in Bill discounting, leasing and hire purchase,
corporate finance, management of fixed deposit mobilisation, financing
against securities, money market operations, consumer finance,
investment banking and clients' money management.
- 3,08,770 No. of equity shares subscribed for by the promoters,
directors, 3,41,230 No. of equity shares allotted as rights as on
28.3.89. 19,50,000 shares issued as bonus (6,50,000 shares in prop.
1:1 as on 29.7.89 and 13,00,000 shares in prop. 1:1 as on 27.2.91).
- An application was made to SEBI for approval for setting up a Mutual
Fund trust and an asset management company. The newly set up Corporate
Advisory Services Group received several mandates for advice on mergers
and acquisitions and re-structuring.
- The Company's newly established Foreign Exchange Risk Management
Service carters to the vast potential demand for price risk management.
The Company established itself as a major leasing and hire-purchase
company and as a source of finance for purchasers of automobiles.
- In January, the Company offered and allotted 15,50,000 - 14% secured
partly convertible debentures of Rs 90 each for a total value of Rs
13.95 crores in the following manner: (i) 2,00,000 debentures to
promoters, directors, etc. (ii) 77,500 debentures to employees
(including working directors)/workers on preferential basis (iii)
12,72,500 debentures to Indian public through prospectus.
- Additional 30,000 debentures to promoters, directors, etc., 9,500
debentures to employees and 1,93,000 debentures to Indian public were
allotted to retain oversubscription.
- As per the terms of debenture issue, a portion of Rs 45 of each
debenture of Rs 90 was to be converted into 1 equity share of Rs 10
each at a premium of Rs 35 per share as on the date of allotment of the
debentures. Accordingly 17,82,500 No. of equity shares allotted as on
25th February, 1992, being the date of allotment of the debentures.
The non-convertible portion of Rs 45 of each debenture would be
redeemed at par in three equal instalments of Rs 15, Rs 15 and Rs 15 at
the end of the 7th, 8th and 9th year respectively from the date of
allotment of the debentures.
- In April, the Company has raised Rs. 18 crores by issue of Commercial
Paper which has been awarded P1 + rating by Credit Rating and
Information Services of India limited (CRISIL) indicating highest
standards of safety.
- During February, the Company issued 69,82,500 Rights equity shares of
Rs 10 each at a premium of Rs 15 per share in proportion 1:1 (all were
taken-up). Additional 13,950 shares were allotted to those who had
applied for additional shares.
- The Company issued through a Prospectus 44,00,000 No. of equity
shares of Rs 10 each for cash at a premium of Rs 140 per share of which
the following were reserved for allotment (i) 1,30,000 shares to
promoters, directors, their relatives etc., (ii) 25,000 shares to
Foreign/Indian Financial Institutions (all were taken up). Of the
remaining 50,000 shares reserved for allotment on a preferential basis
to employees (only 34,600 shares taken up). Another 5,55,000 shares to
NRIs were reserved on non-repatriation basis (all were taken up).
- Balance 36,40,000 shares, along with 15,400 shares not taken up by
employees', were offered for public subscription.
- At the 8th Annual General Meeting held on 28th September the Company
has reserved 61,22,000 No. of equity shares of Rs 10 each for cash to
be allotted at such issue price as may be decided by the board to
Foreign Institutional Investors and/or, Foreign and/or Indian Pension
and/or Mutual and/or other Funds and/or Institutions, Banks, Companies,
Bodies and/or individuals and/or Groups of Individuals.
- The Company's newly set up Corporate Advisory Services Group received
several mandates for advice on mergers and acquisitions and
re-structuring and some have already been executed with success.
- The Company entered into a Memorandum of Understanding with KB
Currency Advisors Inc. USA to market their Foreign Exchange Fund
- 183,65,500 Rights equity shares issued in prop. 1:1. 11,800 No. of
equity shares forfeited.
- The Company has received the approval of Securities and Exchange
Board of India (SEBI) for setting up a Mutual Fund.
- The Company issued 4,00,000 - 17% Secured Redeemable Non-convertible
Debenture of Rs 2500 each including 96000 - 16% NCDs reserved for
NRIs/URB (only 9510 taken-up). Unsubscribed portion of 90 debentures
issued to the public. These are redeemable at par on 7.3.2001 with an
option for early redemption up to a maximum of 5% of the issue amount
- The Company entered into a joint venture agreement with Ford Credit
International Inc. (FCI), a subsidiary of Ford Motor Credit Co., USA.
It was proposed to finance all non Ford Passenger cars.
- Kotak Mahindra Capital company became a subsidiary of the Company.
- The Company's operations were affected by the liquidity crunch,
scarcity of resources, sluggishness in the capital markets and the
overall deceleration of economic growth.
- The Company has entered into a MOU with the Chubb Corporation, New
Jersey, U.S.A., one of the largest American Insurance firms, to develop
a Joint Venture dedicated to the conduct of casuallity and property
insurance business in India.
- The Company has invested a sum of about Rs 200 lakhs in Matrix
Information Services private Ltd. (Matrix), a company formed for
providing comprehensive value added information to business and general
users. Matrix is a wholly owned subsidiary of the company.
- The Company has divested its entire holding of 20,00,070 No. of
equity shares of Rs 10 each of Kotak Mahindra Securities Ltd. (KMSL)
and 20,00,000 ordinary shares of US $ 1 each of Kotak Mahindra
- Hamko Financial Services Ltd., Kotak Mahindra Securities Ltd.,
provides of broking services to institutional and corporate clients,
Kotak, Mahindra Asset Management Company, Kotak Mahindra International
Ltd., an offshore company and Kotak Mahindra (UK) Ltd., are all
subsidiaries of the Company.
- The Company's public issue of 400000 16-17% Secured Redeemable
Non-Convertible Debentures of Rs.2500 each for cash at par aggregating
Rs.100 crores in January.
- In recognition of the Company's prudent funds management, CRISIL has
assigned a rating of AA+ to the Company's public issue of
Non-Convertible Debentures and P1+ for all short term borrowings upto
- Kotak Mahindra Finance Ltd, has decided to venture into health
- Kotak Mahindra Finance has launched a new consumer finance product
called Kotak Mahindra K-Value.
- Hamko is a 100 per cent subsidiary of KMFL and investment in it was
structured to avoid limitations of Section 372 under the Companies Act.
- The company has diversified into various activities for which it has
set up subsidiaries including broking, capital market activities, auto
- Kotak Mahindra Asset Management Company Limited (KMAMCL) launched its
mutual fund schemes in December.
- The Company it would launch its mutual fund with two schemes -- KGilt
Unit Scheme and K30 Unit Scheme.
- Kotak Mahindra Finance, is a joint venture with Goldman Sachs.
- The 'FAA' (pronounced 'F double A') rating assigned to the fixed
deposit programme of Ford Credit Kotak Mahindra (FCKM) has been
- With the allotment to the Company of 50,000 equity shares of Rs. 10
each by Kotak Mahindra Trustee Company Limited (KMTCL) on 12th May.
- Kotak Mahindra Finance Ltd (KMFL) and Chubb Corporation of the US
have decided to call off their joint venture for entering the general
insurance business in India.
- The Company has decided to set up a venture capital fund with an
initial corpus of Rs. 100 crore.
- KMFL has set up a new asset reconstruction division to offer recovery
management services to players in the financial services industry.
- The Company Issue of 91,82,500 No. of Equity Shares of Rs. 10/- each
for cash at a premium of Rs. 90/- per share aggregating Rs.
91,82,50,000 to the Equity Shareholders of the Company on Rights basis
in the ratio of one equity share for every our equity shares held on
- Mr. K.K. Sheth has resigned effective from May 8.
- Kotak Securities an affiliate of Kotak Mahindra Finance Ltd., has
launched electronic broking services for retail investors.
- Kotak Mahindra Finance is in talks with foreign insurers for a joint
venture in the life insurance business.
- The Company has proposed to start-up capital of Rs 150 crore in its
life insurance joint venture with Old Mutual, the UK based financial
- The Company proposes to make the necessary applications to the RBI
and the Insurance Regulatory and Development Authority for entering the
life insurance business.
- OM Kotak Mahindra Life Insurance Company, the recently formed joint
venture company of Kotak Mahindra Financeand Old Mutual Plc has filed
its application for approva of life insurance licence on 1st September.
- Kotak Mahindra Finance Ltd has been assigned Ind AAA rating
(indicating highest credit quality) for its Rs.510 million medium term
- Fitch India has assigned a rating of Ind AAA to the Rs 51-crore
medium term borrowing program of Kotak Mahindra Finnance Ltd for high
credit quality and negligible risk factor.
- The Company recommended a swap ratio of 25 shares of KMFL for every
share of Pannier Tradings which has a 75 per cent equity stake in Kotak
- The Bharath Petroleum Corporation Ltd (BPCL) has decided to part ways
with Kotak Mahindra, one of the leading domestic financial services
company, in its convenient store venture In & Out.
-KMFL's business has seen a fast growth with the total disbursement of commercial vehicle loan of the company in the last fiscal was tuned to Rs. 250cr.
-RBI has given in-principle approval to Kotak Mahindra Finance Ltd to convert itself
into a bank, thereby becoming the first ever non-banking finance company converted
into a bank.
-Mr Uday Kotak says, there won't be any frsh capital infusion in the bank in the near future.
-KMFL informed BSE the FITCH ratings assigned:
Fixed Deposit Programme - Ind AAA
Non-Convertible Debenture - Ind AAA
-Mr.Ajay Sondhi has been appointed as the Additional Director of Kotak Mahindra
-Kotal Mahindra Finance Company has shortlisted i-flex solutions 'Flexicube' and 'Infosys',
'Finnacle' for its core banking solutions.
-KMFL has raised 76.22cr by selling securitised commercial vehicle loans to investors.
-CRISIL has assigned 'AAA(SO)' rating for Rs.83cr securitisation Programme of Kotak
Mahindra Finance Ltd.
-Mr.Uday Kotak has been appointed as the Executive Vice Chairman and
Managing Director of the company.
-Kotak Mahindra Finance Ltd has mobilised Rs.104.89cr , asset-backed securitisation
of commercial vehicle receivables.
-Business Standard and Business Standard digital have ceased to be the subsidiaries
of Kotak Mahindra Finance Ltd.
-Mr.C Jayaram and Mr. Dipak Gupta are appointed as whole time Directors on the
Board of Kotak Mahindra Finance Ltd.
-Madison Communications has won the Rs.30cr Kotak Mahindra's media AOR account.
-The proposal of changing the name from 'Kotak Mahindra Finance Ltd' to 'Kotak
Mahindra Bank Ltd' and the proposal to change the Authorised capital from 100,00,00,000
divided into 10,00,00,000 equity shares of Rs.10 each has been approved by the
-RBI has granted licence to Kotak Mahindra Finance Ltd to embark on its
-O & M has got the creative account of Kotak Mahindra Bank, and has said to be
-Kotak Mahindra Bank has received a lot of interest from portfolio investors, private
equity investors and potential strategic investors.
-Kotak Mahindra Bank has entered into an ATM sharing agreement with UTI Bank,
which would allow KMB's customer free access to around 800 ATM's.
-Kotak Mahindra Bank has started its operations in New Delhi by inaugurating a
branch Cannaught place office.
-Dr.Shankar Acharya has been appointed as the Additional Director to the
board of the bank.
-The Board of Kotak Mahindra Bank Ltd accepts the resignation of
Mr.S.A.A Pinto and Mr.M.R Punja as the Directors of the Bank.
-Kotak Mahindra Investment Co Ltd. PCC a subsidiary of Kotak Mahindra Capital Company
has constituted itself from a private company to a public limited co. and has changed
its name to 'Global Investment Opportunities Fund Ltd'.
-Kotak Mahindra bank has unveiled several home finance products options which includes
Home loan, Home equity Loan, Home loan transfer and Home improvement loans.
--Kotak Mahindra Bank launches online remittance services called, FUNDStoHOME
for Non-resident Indians.
-In reponse to the repo rate cut by theRBI, the Kotak Mahindra Bank has reduced its
lending rates in home loans.
-Kotak Mahindra Bank Limited has informed that the equity shares of the Bank have been delisted from the Delhi Stock Exchange Association Ltd w.e.f December 10, 2003.
-Kotak Mahindra Bank Limited has informed that the Bank's equity shares will be delisted from The Stock Exchange, Ahmedabad with effect from January 20, 2004.
-Kotak Mahindra Bank sets up branch in Surat
-Kotak Mahindra Mutual Fund has launched Kotak Opportunities, an open-ended equity growth scheme
-Kotak Mahindra Bank inks pact with Reuters
-Kotak Mahindra Bank purchases stressed assets worth Rs 1,000 cr
-Kotak Bank join hands with IndianNGOs.com
-Kotak Mahindra Bank invests Rs 25 cr in BFW
-Kotak Mahindra joins hand HDFC Bank to share ATMs.
-Kotak Mahindra to buy out Goldman Sachs' stake in JVs
-Kotak Mahindra Bank sets up branch in Valsad
-Kotak Mahindra subsidiary acquires Ford Credit's auto portfolio
-Kotak Mahindra Bank Launches Home Banking, Improves Banking Experience
-Kotak Mahindra Bank Launches Salary 2 Wealth
-Kotak Mahindra Bank Launches Kotak Gold Debit Card
-Kotak Mahindra Bank Ties up with Taxshax.com, Simplifies Filing of IT Returns
- Kotak Mahindra Bank launched credit cards for its customers.
-Kotak entered into tie up with Russia's top investment bank
-Kotak Mahindra Bank Wins IT Team of the Year for 3rd
Consecutive Time at the Banking Technology Awards 2008