Kotak Mahindra Bank Okays Raising Up To Rs 7,000 Crore via NCDs, Shares Gain

Board of directors of Kotak Mahindra Bank on June 16, 2023 declared that they have approved raising approximately Rs 7,000 crore in one or more tranches by issuing non-convertible debentures (NCDs) on private placement basis for financial year 2023-24. Meanwhile, Kotak Mahindra Bank shares witnessed a rally of 1.32% on BSE. Last trading price of Kotak Mahindra stock is Rs 1857.90 per share. Check details below:

Kotak Mahindra Gives Nod To Raising Up To Rs 7,000 Crore Through NCDs: As per the BSE filing of the company, "Pursuant to Regulation 30 and Regulation 51 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), we wish to inform you that the Board of Directors of Kotak Mahindra Bank Limited ("Bank") have, at their meeting held today, inter alia, approved issuance of Unsecured, Redeemable, Non-Convertible Debentures ("NCDs"), in one or more tranches / series, on a private placement basis, for an amount not exceeding Rs. 7,000 crore, during the FY 2023-24, under the prevailing Members' approval."

Kotak Mahindra Stock Performance & Return: Last trading price of Kotak Mahindra Bank share is Rs 1857.90 per share on BSE. Its 52-week high price is Rs 2063.00 per share and 52-week low price is Rs 1630.00 per share, respectively. The banking company has a market capitalisation of Rs 3,69,093.22 crore. Kotak Mahindra Bank share delivered 12% return in last 3-months, gave 11% return in last 1-year, rallied 6% in last 2-years, and offered 45% return in last 3-years.

Kotak Mahindra About: Kotak Mahindra is one of India's leading banking and financial services groups, offering a wide range of financial services that encompass every sphere of life. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the Group's flagship company, received banking license from the Reserve Bank of India (RBI), becoming the first non-banking finance company in India to convert into a bank - Kotak Mahindra Bank Ltd, as per its official website.