Kotak Mahindra Bank raises Rs 1615 Crore through QIP Issue

Kotak Mahindra Bank has successfully raised Rs 1,615 crore (approximately US$ 410 million) by allotting 17,000,000 equity shares through a Qualified Institutional Placement (QIP).

The QIP issue was priced at Rs 950 per equity share. This represents 4.95% of the increased paid-up capital of the Bank. The Group net worth is n around Rs 5,000 crore.

The issue received good response from investors in all geographical regions including United States, Europe and Asia (including India). Investors in the QIP offering include ING Bank NV, Credit Agricole, State Bank of India, Blackrock Funds and Soros

Citigroup and Kotak Investment Banking acted as Joint Global Co-ordinators and Book Running Lead Managers for the offering."

The stock closed the day at Rs.997.45, up by Rs.33.55 or 3.48%. The stock hit an intraday high of Rs.1005 and low of Rs.890.

The total traded quantity was 161569 compared to 2 week average of 201943.

Source : Equity Bulls

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