Morgan Stanley India city Mumbai covid-19 crisis Morgan Stanley India city Mumbai

₹7,500 crore via QIP

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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.

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