Kotak Mahindra Bank to launch $867 million share sale as early as this week: IFR
- Rupee, bond prices fall as RBI, US Fed turn hawkish
- ‘Nonsense’ that family’s profiting from presidency, says Donald Trump Jr
- Market Live: Sensex falls 100 points, Nifty near 10350 ahead of F&O expiry
- Adani may sell stake in Australia’s Carmichael coal mine amid funding delay
- PNB adopts strict SWIFT controls after mega fraud case
Mumbai: Kotak Mahindra Bank Ltd plans to launch a qualified institutional placement of shares to raise about Rs5,600 crore $867 million) as early as this week, IFR reported on Wednesday, citing people close to the plans.
Kotak Mahindra’s investment banking arm, Bank of America Merrill Lynch and Morgan Stanley are leading the transaction, IFR, a Thomson Reuters publication, said.
The bank on Tuesday received shareholder approval to sell up to 62 million shares, worth about Rs5,600 crore based on that day’s closing price.
A Kotak Mahindra spokesman did not immediately respond to requests for comment. Reuters