Kotak Mahindra Bank Approves Capital Raising By Issuance Of 6.5 Crore Shares

Kotak Mahindra Bank in its board meet has approved fund raising via issuance of fresh equity shares by the bank for up toRs. 6.5 crore equity shares of Rs. 5, through a private placement, follow-on public offering ("FPO"), Qualified Institutions Placement ("QIP") or a combination thereof, as may be considered appropriate, subject to shareholders' approval, government, regulatory, statutory approvals.

The stock of Kotak Mahindra Bank gained close to 3% and scaled to day's high price of Rs. 1166 per share on the BSE.

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