Kotak Bank approves issuance of NCDs of Rs 2,000 crore

Kotak Bank approves issuance of NCDs of Rs 2,000 crore

The board also approve the proposal for seeking Members consent for raising funds by the way of issuance of Unsecured, Redeemable, NCDs or bonds or other debt securities on private placement basis, for an amount up to Rs 7,000 crore in one or more tranches during the next financial year, post the necessary approval.

FPJ Web DeskUpdated: Sunday, January 22, 2023, 10:43 AM IST
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Kotak Bank approves issuance of NCDs of Rs 2,000 crore | Photo credit: Twitter

Kotak Bank on Saturday announced that the Board of the company, approved the issuance of listed, redeemable, unsecured non-convertible debentures (NCDs) in one or more tranches or series on a private placement basis for the remaining period of the financial year 2022-23, for an amount not exceeding Rs 2,000 crore via an exchange filing.

The board also approved the proposal for seeking Members consent for raising funds by the way of the issuance of unsecured redeemable NCDs or bonds, or other debt securities on a private placement basis, for an amount up to Rs 7,000 crore in one or more tranches during the next financial year, post the necessary approval.

Kotak Earnings

Kotak Bank reported 31 per cent growth in net income at Rs 2,792 crore in the quarter ending December, with a 17 per cent increase in net profit to Rs 3,995 crore.

Shares

On Friday, the shares of Kotak Mahindra Bank closed at Rs 1,761.35 down by 0.34 per cent.

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