Kotak Mahindra Bank forms Kotak Karma Foundation

Kotak Mahindra Bank Limited ("Bank") has initiated incorporation of "Kotak Karma Foundation", a company to be registered under Section 8 of the Companies Act, 2013, as a wholly-owned subsidiary of the Bank for setting up a Centre of Excellence (CoE) of the Bank for furtherance of part of its Corporate Social Responsibility (CSR) initiatives.

In this regard, the Bank has, on June 14, 2023, subscribed to the Memorandum and Articles of Association of Kotak Karma Foundation.

The Bank has received relevant approval of the Reserve Bank of India (RBI). Other than for incorporation, no approvals of any authority would be required for acquisition / subscription or to hold shareholding in Kotak Karma Foundation.

Shares of Kotak Mahindra Bank Limited was last trading in BSE at Rs. 1864.70 as compared to the previous close of Rs. 1856.40. The total number of shares traded during the day was 96101 in over 7058 trades.

The stock hit an intraday high of Rs. 1868.00 and intraday low of 1846.45. The net turnover during the day was Rs. 178348775.00.

Source : Equity Bulls

Keywords

KotakMahindraBank INE237A01028 KotakKarmaFoundation CoE CSRInitiative