Kotak Mahindra Bank is looking to raise around Rs 5662 crore through sale of 6.20 crore shares through qualified institutional placement (QIP). This share sale is part of stake reduction exercise by its promoter Uday Kotak, the vice-chairman of the bank, as per the RBI advice. The company’s board of directors has passed a resolution on the issuance of equity shares in accordance with the provisions of ICDR regulations and the companies Act 2013. The company will issue up to 6.2 crore shares at a floor price of Rs 913.24 per share.
Kotak Mahindra Bank offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiaries in the areas of personal finance, investment banking, life insurance, and wealth management.