Business Daily from THE HINDU group of publications
Tuesday, Oct 16, 2007
ePaper
Business Daily from THE HINDU group of publications Tuesday, Oct 16, 2007 ePaper |
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Money & Banking
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Overseas Borrowings Markets - Stocks Our Bureau Mumbai, Oct. 15 Kotak Mahindra Bank has raised Rs 1,615 crore (approximately $ 410 million) by allocation of 1.7 crore equity shares through a Qualified Institutional Placement (QIP), said a bank press release. The QIP issue was priced at Rs 950 per equity share. This represents 4.95 per cent of the increased paid-up capital of the bank. The bank’s current capital adequacy ratio is at 11.33 per cent. “This issue will push up the bank’s capital adequacy by about 7 per cent and the CAR could be as high as 17.5 per cent by the third quarter,” said Mr Jaimin Bhatt, Chief Operating Officer, Kotak Mahindra Bank. The issue received good response from investors in all geographical regions including United States, Europe and Asia (including India). The investors in the QIP offering include ING Bank NV, Credit Agricole, State Bank of India, Blackrock Funds and Soros Citigroup and Kotak Investment Banking acted as joint Global Co-ordinators and Book Running Lead Managers for the offering. More Stories on : Overseas Borrowings | Stocks | Private Banks
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