Kotak Mahindra Bank has launched its over Rs 7,000 crore qualified institutional placement (QIP) of shares. The share sale through the QIP route will help the bank's promoter group led by Uday Kotak decrease their stake in the bank by 3.4%, and help comply with the Reserve Bank of India's (RBI) order to have the holding down to 26% by August this year, as against 29.92% as of March.
Kotak Mahindra Bank offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiaries in the areas of personal finance, investment banking, life insurance, and wealth management.
