Stock of Kotak Mahindra Bank closed 0.39% up at ₹1,314.40 on BSE on Wednesday. New Delhi: Kotak Mahindra Bank will raise up to ₹500 crore by issuing preference shares on a private placement basis. The non-convertible preference shares (NCPS) issuance committee of the board of directors of the bank on Wednesday resolved to approved the issue of perpetual non-cumulative preference shares on a private placement basis aggregating to an issue size of up to ₹500 crore, Kotak Mahindra Bank said in a regulatory filing. As per the norms, banks are required to shore up their capital adequacy ratios and maintain equity capital at 7% of risk-weighted assets. Stock of Kotak Mahindra Bank closed 0.39% up at ₹1,314.40 on BSE on Wednesday.

Source: Mint August 01, 2018 13:07 UTC