MUMBAI : Kotak Mahindra Bank on Tuesday launched qualified institutional placement (QIP) offering to raise up to ₹7,500 crore.
The bank has set a floor price of ₹1,147.75 per share for the offering. QIP is a tool used by listed companies to sell shares or other securities to qualified institutional buyers such as mutual funds.
As per Sebi norms, the bank can offer a maximum discount of up to 5% on the floor price to investors. On Tuesday, Kotak's shares closed trading at Rs1,152.45, down 0.67% on the BSE.
Investment banks Goldman Sachs, Morgan Stanley, Kotak Mahindra Capital and SBI Capital Markets are advising Kotak Mahindra Bank on the deal.