Kotak Mahindra Bank Ltd.

Kotak Mahindra Bank's board has approved a proposal to raise capital through issuance of 6.5 crore shares. According to the current price of its shares, sale of 6.5 crore shares will entail raising up to Rs 7,500 crore. The approval involves sale of 6.50 crore shares of a face value of Rs 5 each either through a private placement of shares, a follow-on public offering (FPO), qualified institutions placement (QIP) or a combination thereof. The bank had last raised core capital in 2017, when it raised Rs 5,800 crore through the QIP route.

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.