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Kotak Mahindra Bank share rises over 3% after board clears plan to raise funds

Share price of Kotak Mahindra Bank gained up to  3.14% to Rs 1,166 compared to the previous close of Rs 1,130.45 on BSE

Aseem Thapliyal | April 22, 2020 | Updated 15:48 IST
Kotak Mahindra Bank share rises over 3% after board clears plan to raise funds
Kotak Mahindra Bank stock has fallen 15.5% in the last one year and lost 31.76% since the beginning of this year.

Kotak Mahindra Bank share price rose over 3% today after the private sector lender said its board had cleared the plan to issue 65 million fresh equity shares . At current market price, the issue of shares may bring over Rs 7,500 crore for the lender.

Share price of Kotak Mahindra Bank gained up to  3.14% to Rs 1,166 compared to the previous close of Rs 1,130.45 on BSE.The stock has gained after two days of losses. Kotak Mahindra Bank stock has fallen 15.5% in the last one year and lost 31.76% 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.

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The Mumbai-headquartered bank's board met today 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.

The lender said its board cleared the capital raising plan through a follow-on public offer (FPO) or a qualified institutional placement (QIP) or a combination of both.

Total 6.62 lakh shares changed hands amounting to turnover of Rs 75.44 crore on BSE. The stock hit its 52 week high of Rs 1740 on February 19, 2020 and 52 week low of Rs 1,000 on March 19 this year.

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.

By Aseem Thapliyal

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