Kotak Mahindra Bank share price in focus as board to consider raising funds
The amount that needed to be raised was not disclosed by the bank in the filing
Kotak Mahindra Bank shares were trading flat on Wednesday's session. The shares are likely to be under the spotlight today as the private-lenders board plans to raise funds by non-convertible debentures (NCDs) on Friday, June 16. Kotak Mahindra shares opened at Rs.1,856.40 apiece on BSE on Wednesday.
The private bank stated in an exchange filing that the Kotak Mahindra Bank Board of Directors will meet on Friday, June 16, 2023 to, among other things, consider raising funds via the issuance of Unsecured, Redeemable, Non-Convertible Debentures / Bonds in one or more tranches / series, on a private placement basis, during the FY 2023–24 with the consent of the prevailing Members.
The amount that needed to be raised was not disclosed by the bank in the filing.
In March, the bank disclosed via an exchange filing that it had allotted 30,000 Senior, Rated, Listed, Unsecured, Redeemable, Long Term Fully Paid Up Non-Convertible Bonds in the nature of debentures NCDs, of the face value of Rs.1,00,000 each, amounting to Rs.300 crore.
On Friday, the Canada Pension Plan Investment Board sold a 1.7% stake in the private lender Kotak Mahindra Bank for Rs 6,123 crore in an open market deal.
According to bulk deal data on BSE, Canada Pension Plan Investment Board sold 33,000,000 shares at an average price of ₹1,855.64, taking the transaction value to Rs.6,123.61 crore.
Canada Pension Plan Investment Board's stake decreased from 4.34% at the end of March to 2.68 percent after the most recent transaction.