"This is to inform you that the Board of Directors of Kotak Mahindra Bank have, at their meeting held today, inter alia, approved a proposal to enable the Board of Directors of the Bank to raise funds by way of issuance of Unsecured, Redeemable, Non-Convertible Debentures, on a private placement basis, for an amount up to Rs. 10,000 crore," Kotak said
Kotak Mahindra Bank reported 8% YoY growth in net profit to Rs 3,005 crore for Q3 2023, due to provisioning towards alternative investment funds and loss in the fixed income book. Net interest income rose nearly 16% YoY to Rs 6,553 crore. The gross non-performing assets ratio was 1.73%, and slippages increased to Rs 1,177 crore. The net non-performing assets ratio was 0.34%. Total advances were at Rs 3.72 lakh crore, driven by growth in retail micro finance and credit cards. The bank plans to raise funds and re-appoint Uday Shankar as independent director. For the nine months ended December, net profit rose 30% to Rs 9,648 crore.
In a turnaround on Friday, the Sensex snapped its three-day losing streak, propelled by a buy on dips approach and positive global cues. Earlier in the week, Indian benchmark indices fell sharply, primarily influenced by HDFC Bank s lack lustre quarterly results. On Wednesday, Sensex plummeted 1,628 points, while NSE Nifty plunged 460 points or 2.09% to close at 21,572. This was the the most significant percentage drop in the last 18 months.
The board of directors of the company approved raising Rs 4,000 crore through issuance of Non-Convertible Debentures on private placement basis for the financial year 2024-25.
On Tuesday, 1287 stocks advanced, 2570 declined and 72 remained unchanged, with an advance decline ratio of 0.50 on the Bombay Stock Exchange (BSE), indicating negative closing of stocks in broader markets.