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Kotak to raise $1.2 bn

Kotak to raise $1.2 bn
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First Published: Thu, May 15 2008. 12 14 AM IST
Updated: Thu, May 15 2008. 12 14 AM IST
Mumbai: Private sector Kotak Mahindra Bank Ltd plans to raise about $1.2 billion (Rs5,064 crore) for two funds to invest in the world’s second fastest growing major economy.
Kotak will seek $1 billion to invest in infrastructure and will add $200 million from overseas investors to a third private equity fund that closed last month, Nitin Deshmukh, chief executive officer at Kotak Investment Advisors Ltd, said.
3i Group Plc., Deutsche Bank AG and Morgan Stanley are raising alternative investments in India, where private equity firms raised seven times more than China in the first quarter.
Kotak plans to have $2.5 billion in assets by the end of March by adding to holdings including Multi Commodity Exchange of India Ltd and National Stock Exchange Ltd.
Kotak has made investments through two private equity funds, the India Growth Fund, started in 2005 with $160 million of assets, and the Kotak India Venture Fund I, started last year with $65 million. It has made 15 investments, with it owning a majority stake in three firms.
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First Published: Thu, May 15 2008. 12 14 AM IST