Kotak Mahindra Bank to raise Rs 5,000 crore through debt

Kotak Mahindra Bank on Saturday said, “Its board has approved to raise to Rs 5,000 crore through non-convertible debentures (NCDs).”

The bank in a regulatory filing said, “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 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 added.