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₹7,442 crore via QIP

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Kotak Mahindra bank had said on 26 May that it had set a floor price of Rs1,147.75 per share for the offering. As per Sebi norms, the bank can offer a maximum discount of up to 5% on the floor price to investors Private lender Kotak Mahindra Bank Ltd.’s board, on Saturday, said it raised at least Rs.

7,442.5 crore via issuance of 65 million shares in a qualified institutional placement (QIP). Following a board meeting, the bank said that shares have been offered to investors at Rs.

1145 apiece, which is at a discount of 6.43% to the current market price of Rs. 1,223.70. Institutional investors including Invesco Oppenheimer Developing markets Fund, Canada Pension Plan Investment Board (CPPIB) and ICICI Prudential Asset Management Co.

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