Kotak Mahindra Bank share price rose over 3% in early trade today after the private sector lender said its board would meet on Wednesday to consider raising of funds. Share price of Kotak Mahindra Bank gained 3.21% to Rs 1,224 compared to the previous close of Rs 1,186 on BSE.
Kotak Mahindra Bank stock has fallen 13.23% in the last one year and lost 13.23% since the beginning of this year. The large cap stock is trading lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages 21 of 37 brokerages rate the stock 'buy' or 'outperform', 11 'hold', four 'underperform' and one 'sell', according to analysts' recommendations tracked by Reuters.
The Mumbai-headquartered bank's board will meet on Wednesday to consider capital raising either through a follow-on public offer, private placement, qualified institutional placement (QIP) of shares or a combination of the routes, it said in a regulatory filing to the bourses.
In its fourth quarter update, the Uday Kotak-led lender said it reported rise in their deposit portfolios during January-March period, and also announced a cut in savings account rates for high value customers.
The private lender reported a 19.6 per cent growth in total deposits, excluding Certificate of Deposits (CPs), at Rs 2.58 lakh crore during the March quarter of this fiscal, compared to Rs 2.16 lakh crore in the same quarter last year. On the quarter-on-quarter basis, the aggregate deposits increased by 11.7 per cent from Rs 2.31 lakh crore as of 31 December 2019, said the lender.