Kotak Mahindra Bank to raise Rs 500 crore by issuing preference shares
Kotak Mahindra Bank will raise up to Rs 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 today resolved to approved the issue of perpetual non-cumulative preference shares (PNCPS) on a private placement basis aggregating to an issue size of up to Rs 500 crore, Kotak Mahindra Bank said in a regulatory filing.
The PNCPS will offer the allottees a fixed dividend of 8.10 percent.
Being implemented in phases since April 1, 2013, India is expected to fully implement Basel III standards by March 2019, three months later than the globally accepted deadline.
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