Private sector Kotak Mahindra Bank will raise up to Rs 5,000 crore by tapping domestic and overseas markets to cater to its fund requirements.
"...it is proposed that borrowings by way of securities in the nature of unsecured, redeemable non—convertible debentures/bonds be raised not exceeding Rs 5,000 crore in Indian/foreign currencies in the domestic and/or overseas markets for an amount which shall be within overall borrowing limits,” the bank said in a regulatory filing.
The lender has to get approval from shareholders for the fund raise at its annual general meeting to be held on July 20, 2017.
During the validity of this resolution, the bank proposes to issue securities in the nature of unsecured, redeemable non—convertible debentures/bonds by way of private placement, it added.
Kotak Mahindra Bank will raise the funds in one or more tranches and series.
Stock of the bank closed 0.10 per cent up at Rs 967.80 on BSE.