The board of private sector lender Kotak Mahindra Bank has approved a proposal to issue 6.5 crore equity shares of ₹5 each as part of its plans to raise equity capital
"The Board has accorded its approval for raising of capital by way of issue of equity shares, by the bank for up to 6.5 crore equity shares of ₹5 each, through a private placement, follow-on public offering, Qualified Institutions Placement or a combination thereof…,” the bank said in a regulatory filing on Wednesday after a meeting of the board of directors.
Following the announcement, the bank’s scrip gained 2.35 per cent to ₹1,157 on the BSE in intraday trade.