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Thursday, April 13, 2017

Kotak Mahindra Bank to raise $825 million for business expansion

India’s fourth-largest private-sector Kotak Mahindra Bank planning to raise $825 million (Rs 5,350 crore) by selling shares at the current market price to pursue acquisitions and grow other businesses.

Also read: Rs 1 Lakh became Rs. 1400 Crore in 32 Years

The board approved selling 6.2 crore shares through measures including a rights issue, a public offering or a private placement to institutional investors. The funds will be used for mergers and acquisitions, acquire stressed banking assets, grow subsidiaries, and expand its digital banking and international lending operations.

Recently Kotak Mahindra Bank acquired ING Vysya Bank in an all-stock deal worth $2.4 billion. Billionaire Uday Kotak and other promoter group entities hold a 32.11% stake in the bank.

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