Kotak Mahindra Bank has come out with qualified institutional placement (QIP) offering to raise up to ₹7,500 crore. The bank has set a floor price of ₹1,147.75 per share for the offering. As per Sebi norms, the bank can offer a maximum discount of up to 5% on the floor price to investors. Investment banks Goldman Sachs, Morgan Stanley, Kotak Mahindra Capital and SBI Capital Markets are advising Kotak Mahindra Bank on the deal. The bank intends to use the proceeds to bolster its balance sheet as the disruption caused by coronavirus is expected to impact itsasset quality, as well as to tap opportunities arising out of the crisis.
