Kotak Mahindra Shares Surge After RBI Approves Upto 10% Hike By CPPIB

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Shares of Kotak Mahindra rose to hit 52-week high on Wednesday after the Reserve Bank of India granted approval to Canada Pension Plan Investment Board (CPPIB) for acquiring up to 10% shares of the paid up capital of Kotak Mahindra Bank.

Kotak Mahindra Shares Surge After RBI Approves Upto 10% Hike By CPPIB
Kotak Mahindra Bank: Quotes, News
BSE 773.50BSE Quote1.05 (0.14%)
NSE 773.50NSE Quote0.9 (0.12%)

 "The Reserve Bank of India has informed the Bank that it has granted approval to Canada Pension Plan Investment Board (CPPIB) for acquiring shares in excess of 5% and below 10% of the paid up capital of Kotak Mahindra Bank Limited", the bank said in the filing.

In the separate notification on August 30, the bank said that it has remitted its yearly interest on time for two bonds - Upper Tier II Bond with 9.95 percent interest rate each

Shares of Kotak Mahindra were seen trading at Rs 800, higher by 1.84 per cent on BSE at 11.40 pm IST. It touched an intra-day high and 52-week high of Rs 807 during trade.

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