BANKING & SAVING

Kotak Mahindra Bank To Price Share Offer At Top Of Range, Raising $901 Million

Loknath Das

Kotak Mahindra Bank is pricing about 62 million new shares at Rs. 936 each after earlier setting a Rs. 930-936 indicative range.

Kotak Mahindra Bank is raising $901 million to bolster its balance sheet.

Hong Kong: Kotak Mahindra Bank Ltd, the fourth biggest Indian lender by market capitalisation, is set to price a share offering at the top end of an indicative range, raising $901 million to bolster its balance sheet, IFR reported on Friday, citing a person close to the deal.

The bank is pricing about 62 million new shares at Rs. 936 each after earlier setting a Rs. 930-936 indicative range, putting the total deal at Rs. 5,800 crore ($901 million), said IFR, a Thomson Reuters publication.

Kotak Mahindra Bank didn’t immediately reply to a Reuters request for comment on the share offering pricing.
($1 = Rs. 64.39)

 

 

[“source-ndtv”]