Kotak Mahindra Bank board approves proposal to raise Rs 5,000 crore via debt

NEW DELHI: on Saturday said its board has approved proposal to raise up to Rs 5,000 crore by issuing debt securities.

"The board of directors of Kotak Mahindra Bank, at its meeting held today i.e. on May 29, 2021 have, approved the proposal for issuance of unsecured, redeemable, non-convertible debentures/bonds/other debt securities, on private placement basis for an amount up to Rs 5,000 crore," the bank said in a regulatory filing.

The capital is to be raised in one or more tranches, subject to the approval of the members of the bank at the ensuing Annual General Meeting and any other approvals, it said.