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Kotak Mahindra Bank to sell 62 mn shares

Kotak Mahindra Bank is proposing to sell up to 62 million shares worth Rs 5320 crore, to fund mainly acquisitions. The bank said in a statement its board has approved the sale through a rights issue, public issue or private placement, including qualified institutions placement. The sale is subject to shareholders’ approval. The statement added that the bank is seeking to raise the funds to ‘pursue consolidation opportunities in the Indian banking and financial services space’. It also cited other reasons including investment in distressed assets.  Kotak Mahindra Bank had acquired ING Vysya Bank in 2015 in a $2.4 billion stock-swap deal, the biggest ever in India’s banking sector.

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