Kotak Mahindra Bank has initiated incorporation of 'Kotak Karma Foundation' as a wholly-owned subsidiary of the bank for setting up a centre of excellence and as a part of its Corporate Social Responsibility initiatives, the company announced through an exchange filing.
The company will be registered under Section 8 of the Companies Act 2013 and will have 10,00,000 shares worth Rs 1 crore.
In this regard, the Bank has, on June 14, 2023, subscribed to the Memorandum and Articles of Association of Kotak Karma Foundation. The process of incorporation of Kotak Karma Foundation is expected to be completed before the end of Q2 of FY 2023-24.
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.
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