Private sector lender Kotak Mahindra Bank today said it will raise up to Rs 5,000 crore by issuing bonds.
The capital raise plan was approved at the bank’s board meeting held today.
“The board of directors of the company at its meeting held on July 21 has approved the business for seeking consent of the shareholders... for issuance of unsecured, redeemable, non-convertible debentures/bonds up to Rs 5,000 crore,” the bank said in a filing.
Further details about the usage of the proceeds were not given by the bank.
The bank today reported almost four-fold jump in net profit at Rs 741.97 crore in the first quarter ended June of the current fiscal.
Total earnings during the period also rose to Rs 5,120.03 crore from Rs 4,583.86 crore in the year-ago period.
Kotak Mahindra Bank stock fell 2.71 per cent to Rs 760.80 on the BSE.