Connect with us

Hi, what are you looking for?

News

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.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

PR Newswire

Copyright © Glocal Infomart Pvt Ltd. All rights reserved. Usage of content from website is subject to Terms and Conditions.