Mumbai: Private lender
Kotak Mahindra Bank will launch a qualified institutional placement (
QIP) of 6.5 crore equity shares to raise funds on Tuesday, and may raise Rs 7,086.63-7,460.38 crore, as it looks to dilute the promoter’s shareholding to comply with regulatory norms and raise capital.
The floor price, based on
Sebi formula, is Rs 1,147.75 per share. The bank has said that it may at its discretion consider offering a discount of not more than 5 per cent on the floor price so calculated for the issue.
If the bank opts for a 5 per cent discount, the price would be around Rs. 1,090.25 per share and at that price, the bank would be able to raise Rs 7,086.63 crore.
Kotak Mahindra Capital, Goldman Sachs, SBI Capital Market and Morgan Stanley are managing the share sale, sources had told ET on Monday.
Kotak Mahindra Bank announced in April that the board had approved a proposal to sell 65 million new shares through a QIP or follow-on public offering (FPO). Shareholders approved the plan by online ballot on Monday.
The share sale is intended mainly to dilute promoter Uday Kotak’s equity holding in the bank to comply with RBI regulations. On February 18, the RBI had given a six-month timeline to bring it down to 26 per cent. He held a 29.92 per cent stake on March 31.