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Kotak Mahindra Bank share price soars 4.5% after lender raises Rs 7,442 crore

Following the announcement, Kotak Mahindra Bank share price opened with a gain of 3.78% today and later touched an intraday high of Rs 1279.2, rising 4.54% on BSE

twitter-logoBusinessToday.In | June 1, 2020 | Updated 17:53 IST
Kotak Mahindra Bank share price soars 4.5% after lender raises Rs 7,442 crore
Shares of Kotak Bank closed 2.09% higher at Rs 1,249 on BSE today.

Shares of private lender Kotak Mahindra Bank gained over 4% after the bank announced it successfully raised Rs 7,442 crore by issuing 6.5 crore shares in a qualified institutional placement (QIP).

Following the announcement, Kotak Mahindra Bank share price opened with a gain of 3.78% today and later touched an intraday high of Rs 1279.2, rising 4.54% on BSE.

Kotak Mahindra Bank shares trade higher than their 5, 20 and 50 day moving averages but lower than 100 and 200-day moving averages. Kotak Mahindra Bank shares have gained 7.67% in the last week. However, the stock has fallen 7.94% in one month and 25.84% in one month.

Entities who bought the shares include Invesco Oppenheimer Developing Markets Fund, which subscribed to 52.16 lakh shares or over 8 per cent of the issue size, Canada Pension Plan Investment Board (46.25 lakh shares or 7.12 per cent of the issue) and 40.96 lakh shares or 6.30 per cent of the issue by ICICI Prudential Mutual Fund through 18 schemes, the bank said.

Kotak Mahindra Bank had announced its plan to raise capital by selling fresh equity shares through a QIP on April 22. The bank's capital adequacy ratio had stood at 17.89 per cent with the core equity at 17.45 per cent as on March 31. On May 26, the company had set a floor price of Rs 1,147.75 per share for the offering. As of March 31, the promoter family's holding had stood at over 29 per cent.

According to a report, the promoters are considering to offload their shares after the close of the QIP. The Kotak family would sell up to 5.7 crore shares, which will fetch around Rs 6,600 crore at current prices, as per the report.  

Shares of Kotak Bank closed 2.09% higher at Rs 1,249 on BSE today.

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