Kotak Mahindra Bank enters into Subscription Agreement with International Finance Corporation

Kotak Mahindra Bank Ltd has announced that the Bank has entered into a Subscription Agreement on March 21, 2007 with International Finance Corporation, whereby the Bank will issue Upper Tier II Subordinated Bonds by way of Debentures of the value of US $ 45 million (approximately Rs 200 crores) with the final maturity of over 15 years, in accordance with guidelines issued by the Reserve Bank of India. Such issue will help the Bank augment its capital base and enhance the Bank's long term funding resources.

The bank's stock closed the day in BSE at Rs.429.75, up by Re.0.65 (+0.15%). The stock had an intraday high of Rs.437 and low of Rs.425.60. The total traded quantity was 660285 shares at a weighted average price of Rs.430.44.

Source : Equity Bulls

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