Kotak Mahindra Bank board to mull fund raising on Jan 21
Jan 19, 2023 11:21 AM | Source: capitalmarket.com
The private lender on Wednesday announced that its board will meet on Saturday, 21 January 2023 to consider raising fund by issuing non-convertible debentures (NCDs) on private placement basis, during the remaining period of FY 2022-23.
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In a regulatory filing, Kotak Mahindra Bank said that a meeting of the board of directors will be held on Saturday, 21 January 2023 to mull raising of funds by way of issuance of unsecured, redeemable, non-convertible debentures, in one or more tranches / series, on a private placement basis, during the remaining period of FY 2022-23 under the prevailing members' approval.
Further, the bank's board will also consider seeking members' approval for raising funds by way of issuance of unsecured, redeemable, non-convertible debentures / bonds / other debt securities, in one or more tranches, on private placement basis, during FY 2023-24, subject to any other approvals as may be necessary.
Kotak Mahindra Bank is a full-service commercial bank. As on 30 September 2022, Kotak Mahindra Bank has a national footprint of 1,710 branches and 2,802 ATMs and branches in GIFT City and DIFC (Dubai).
The bank reported a 27% rise in standalone net profit to Rs 2,580.68 crore on a 19.48% increase in total income to Rs 10,047 crore in Q2 FY23 over Q2 FY22.
Shares of Kotak Mahindra Bank declined 0.76% to Rs 1,785.35 on the BSE.