MUMBAI: Shares of Kotak Mahindra Bank gained around 6% on Wednesday after the lender launched its qualified institutional placement (QIP) offering to raise up to ₹7,500 crore.
Kotak Mahindra Bank closed at ₹1,216.75 on the BSE. The shares rose as much as 8% intraday, while the benchmark index, Sensex gained 3.3% to 31,605.22.
The bank has set a floor price of ₹1,147.75 per share for the offering. As per Securities and Exchange Board of India (Sebi) norms, the bank can offer a maximum discount of up to 5% on the floor price to investors.
Investment banks Goldman Sachs, Morgan Stanley, Kotak Mahindra Capital and SBI Capital Markets are advising Kotak Mahindra Bank on the deal.