Kotak Bank Approves Raising of Capital

2019 ias preliminary exam test series

The private sector Kotak Mahindra Bank’s board accorded its approval for raising capital through issue of equity shares, Global Depository Receipts, American Depository Receipts and/ or other permissible securities up to an aggregate issuance of 6.20 crore equity shares of ₹5 each.

The purpose of raising equity capital, among others, is to pursue consolidation opportunities in the banking and financial services space and capitalise on unprecedented opportunities in acquisition and resolution of stressed assets in the banking sector, including participation in a “Bad Bank”.

Kotak Mahindra Bank (KMB) is India’s fourth-largest private sector lender by assets.

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