Kotak Mahindra Bank acquires 51% in Kotak Mahindra Securities Ltd

With reference to the earlier announcement regarding conversion of indirect subsidiaries of the Bank into direct subsidiaries, subject to necessary approval.

Kotak Mahindra Bank Ltd has informed BSE that on receipt of requisite approvals, the Bank has now acquired 51% of the paid up Share capital of Kotak Mahindra Securities Ltd (KMSL) by way of preferential allotment of shares by KMSL to the Bank.

Accordingly, KMSL has become a direct subsidiary of the Bank.

Source : Equity Bulls

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